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USD/JPY Fade Off Highs Keeps Key Resistance Intact

FOREX
  • The fade off the Friday high for USD/JPY has kept the most notable resistance intact at the 50-day EMA of 145.32. This seems to have contained the recovery rally from late last week, keeping the trend outlook bearish for now. Resultingly, the JPY is the strongest performer in G10 headed into the NY crossover.
  • Elsewhere, a slightly firmer than expected Eurozone retail sales release helped stall modest selling pressure in EUR/USD, keeping the pair rangebound and close to the midpoint of the Friday range.
  • NOK trades poorly, slipping against most others in G10 to reflect the pullback in Brent and WTI crude futures since the resumption of trade after the weekend. Moves come ahead of the December CPI print due on Wednesday this week, at which markets expect CPI-ATE to fade further to 5.6%. A particularly strong print here could call markets to question the peak of the tightening cycle from the Norges Bank.
  • Tier one data releases are few and far between Monday, with markets watching an appearance from Fed's Bostic, who's set to speak at 1730GMT/1230ET on the economic outlook. The NY Fed Inflation Expectations survey could draw some focus in the interim.
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