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USD/JPY Narrows in on Multi-Decade Resistance Level

FOREX
  • The USD/JPY rally accelerated sharply Monday, with the pair making light work of the Friday highs and hitting new multi-year best levels in the process. The price action persists as an extended response to the latest Fed rate decision and Friday's payrolls report, with markets continuing to price in a tightening cycle from the Fed, which contrasts further with the BoJ's ultra-lax policy stance.
  • This brings the pair within range of key downtrendline resistance drawn off the high last printed in December 1975 - a level that crosses at 113.41 Monday - inline with the intraday high.
  • With JPY the poorest performer Monday, markets worked in favour of high beta and growth proxy currencies, boosting AUD and NZD to the top of the G10 pile.
  • Focus Tuesday turns to Japanese PPI data, UK jobs numbers for September and the German ZEW survey. A number of ECB speakers are scheduled, with ECB's Lane, Lagarde all on the docket alongside Fed's Clarida, Bostic and Barkin.
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