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Upside in USD/JPY extended throughout the Friday morning, with the pair printing up at 104.94, having topped several key resistance levels. The pair's rally appeared to stall ahead of the 104.95 mark, the 76.4% retracement of the Nov 11 - Jan 6 downleg. A break above here would open 105.16 initially, the Nov 13 high. JPY is comfortably the poorest performer in G10.
The greenback is generally firm, extending the week's uptrend, although the week's highs for the USD index remain in tact at 90.880. A break north of here opens 2021 highs of 90.951.
Focus today turns to US personal income/spending figures for December, as well as the latest Canadian GDP. We see the first Fed speakers cross after Wednesday's FOMC rate decision, with Fed's Kaplan and Daly both scheduled.