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Japanese Yen Maintains Post-BOJ Downward Bias, AUDJPY Rises 0.80%

JPY
  • Following the Bank of Japan’s latest meeting/decision on Friday, the Japanese Yen has been under significant pressure. USDJPY rallied sharply higher and in the process has cancelled any short-term bearish threats.
  • USDJPY’s bull trigger at 135.13, Apr 19 high, has been cleared and the break confirms a resumption of the trend that started on March 24. So far on Monday amid holiday thinned trade, 137 has capped the topside, however, with a number of key short-term resistance levels breached, price action paves the way for 137.91, the Mar 8 high and a key resistance.
  • AUDJPY is the strongest performer on Monday, rising 0.80% to the best levels since March 7, just shy of the 91.00 handle. Despite no deal being announced regarding First Republic Bank, equity index futures maintain their buoyant posture, underpinning the most recent AUDJPY rally ahead of the RBA decision on Tuesday.
  • The RBA is expected to remain on hold at its policy decision meeting tomorrow, taking advantage of the Q1 core CPI undershoot to assess the impact of the 350bp of tightening that has been delivered.
  • Immediate focus will be on the US ISM data released later today, with Wednesday’s FOMC meeting on Wednesday highlighting the local docket.
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