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USD/JPY Falters Ahead of Friday High

FOREX
  • JPY is the poorest performing currency across G10, although price action is largely within recent ranges. USD/JPY continues to oscillate either side of the Y130.00 handle, but intraday strength through the European open faltered ahead of any test on the Friday high at 130.61.
  • By a small margin, Scandi currencies are outperforming, putting both SEK and NOK at the top of the pile, but macro drivers are few and far between ahead of the NY crossover.
  • EURGBP continues to trade closer to its recent lows and maintains a softer tone following last week’s move lower. The cross has traded below the 50-day EMA, at 0.8755. The average represents a key short-term support and a clear break of it would signal scope for a deeper retracement.
  • The Chinese Lunar New Year and the beginning of the Fed's pre-rate decision media blackout period have made for a quiet start to the week, with a light data docket likely to keep a lid on price action going forward. The December US Leading Index and Eurozone consumer confidence make up the risk events for the rest of the session.
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