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Higher Core Yields Prompt Further JPY Weakness As NFP Approaches

FOREX
  • A mixture of stronger than expected US jobs data and general sentiment saw US yields rise once again on Thursday, prompting a further extension of Japanese Yen weakness, which stands out as the notable underperformer in today’s session.
  • USDJPY rises another 0.90%, narrowing the gap substantially with previously significant pivot resistance around the 145.00 handle, printing a high of 144.85, an impressive 199 pips off the overnight lows. This extends the 2024 bounce to roughly 2.5% as we approach tomorrow’s important US employment data.
  • 144.96, the Dec 19 high remains the immediate technical point of note, before the 50-day EMA which now intersects at 145.35. EURJPY has outpaced the move, with the single currency outperforming the greenback on Thursday, and the pair has substantially narrowed the gap to 158.67, the Dec 12 high and key short-term resistance.
  • Antipodean FX has underperformed with major equity indices consolidating the week’s declines, with a notable uptick for the likes of EURAUD and EURNZD, rising 0.66% and 0.57% respectively. In similar vein, EURCHF has strengthened by half a percent, although the pair continues to consolidate the most recent break below 0.9400 that prompted some sharp weakness towards 0.9250 late last week.
  • Tomorrow’s data highlights will be Eurozone inflation figures and the US employment report. Additionally, German retail sales, UK construction PMI and Canada jobs data are all scheduled.

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