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Rising Core Yields Keeping Cross/JPY Underpinned

JPY
  • Rising core yields and in particular the pressure on German bonds continuing to underpin the move higher in EURJPY (+0.63%), extending yesterday’s bullish start to the week.
  • The solid breach of 144.53 has seen price narrow the gap with next resistance at 145.83, the Dec 20 high. Above here, 146.73, the Dec 15 high represents a key resistance.
  • As for GBPJPY, which is one of the best performers on Tuesday, rising 0.88%, the focus is on 167.02, the highs seen before the December 20 BOJ decision.
  • Imminent data due for the US is the MNI Chicago Business Barometer as USDJPY hugs the best levels of the day, just shy of the 137 handle. Key resistance for the pair remains further out at 138.17, the December 15 high.
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