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USD/JPY Extending Bounce Off 200-dma Support

FOREX
  • AUD is furtively the strongest performer in G10, reverting off yesterday's lows to recoup an iron-ore inspired pullback in the currency. Nonetheless, AUD/USD remains within the broader downtrend drawn off the December high, but progress through 0.6718 could counter this bearish sentiment to return focus to formation of a golden cross pattern in DMA space: the 50-dma rose above the 200-dma for the first time since January last year last week.
  • JPY is trading softer against all others, with USD/JPY extending the bounce off the 200-dma at 143.49 at the beginning of the week. Progress remains shallow, however, with prices holding below resistance at both 145.97 and the 50-dma of 146.27.
  • The USD Index remains rangebound, trading inside the weekly range, with few cues to trigger a breakout in either direction. Technically speaking, the imminent formation of a death cross between the 50- and 200-dma in the coming sessions should enforce the downward momentum in the currency, but 101.908 remains support ahead of any notable weakness.
  • Focus for the Wednesday session ahead turns to central bank speak, with a number of key appearances due Wednesday. BoE's Bailey is set to testify in front of the Treasury Select Committee, covering off the Financial Stability Report released in December of last year. ECB's Schnabel, de Cos and Fed's Williams are also due to be speaking.
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