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Narrow Holiday Ranges, USDJPY Extends Bullish Reversal

FOREX
  • The US Dollar index trades marginally in the green to start the week, as G10 currency ranges remained fairly tight due to the US Martin Luther King holiday.
  • USDJPY had a notable 0.35% uptick, extending on its firm bounce off the 113.50 mark during Friday’s session. The move higher in USDJPY coincides with modest strength in equities, with stock markets across Europe all in positive territory.
  • The broader trend condition remains bullish and the recent sell-off is likely a correction. Friday’s low of 113.49 marks a key short-term support and note that Friday’s price pattern is a doji - a bullish reversal signal. Attention on the topside is at 114.79, the 20-day EMA.
  • A continuation of buoyant sentiment in oil markets has seen both Brent and WTI crude futures further extend above the October’s highs. This lent support to both CAD (+0.34%) and NOK (+0.5%) which were the clear outperformers to start the week.
  • Last week’s break of a key support in USDCAD at 1.2621, the Dec 31 low strengthened a bearish case and has opened 1.2448, 76.4% of the Oct - Dec rally. A move through this chart point would signal scope for an extension lower and open 1.2387, the Nov 10 low.
  • Overnight, the Bank of Japan decision/statement will be released before UK employment data kickstarts the European session. The focus then turns to German ZEW sentiment figures, which precedes the US Empire State Manufacturing Index.
  • UK and Canadian CPI on Wednesday will be the focus this week before the live central bank meetings over the following fortnight.
Energy BulletsCommodities
Energy BulletsCommodities

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