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Recent Cycle Highs In Sight For Overbought USD/JPY

JPY

USD/JPY has clawed back its opening downtick and last sits at Y124.38, up just 3 ticks on the day. Its RSI remains comfortably in overbought territory, last at 76.19.

  • The rate is narrowing in on Mar 28 cycle high of Y125.09, followed by Aug 12, 2015 high of Y125.28 and major long-term resistance from Jun 5, 2015 high of Y125.86. Bears look for a pullback towards Mar 31 low of Y121.28.
  • A government source told Kyodo that German Chancellor Scholz is looking to visit Japan in late April. His talks with PM Kishida would centre around the ongoing war in Ukraine as well as joint response to China's rise.
  • Flash machine tool orders and BoJ Gov Kuroda's speech at the branch managers meeting headline the local docket today.
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