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Japanese Yen Continues Powerful Upswing

FOREX
  • Despite a more benign session for currencies in the aftermath of the US CPI print on Thursday in which the USD index remained close to unchanged, the Japanese Yen continued its significant appreciation to rise a further 1.10% against the greenback.
  • USDJPY had a clean break from late last night through the bear trigger at 129.52 and the sustained weakness has seen the pair test down and briefly pierce the next support of 127.53, the May 31, 2022 low.
  • With moving average studies in a bear mode condition and a bearish price sequence highlighting a clear downtrend, further weakness is likely. Note that the 50- and 200-dmas are on the cusp of forming a bearish death cross.
  • With more contained ranges across the rest of G10 currencies, the only notable move is further strengthening of the Chinese Yuan. USDCNH continues to gravitate to fresh cycle lows and is now trading at the lowest levels since July 2022, amid the same positive factors of lower US yields and the relaxation of Chinas covid restrictions.
  • MLK Day in the US on Monday and so Chinese growth data kicks off the docket during Tuesday’s APAC session before UK employment figures and Canadian CPI. Focus then quickly turns to the BOJ on Wednesday.
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