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USD/JPY Streak of Higher Lows Brings Key Resistance Into Range

FOREX
  • The USD remains firmer off the Thursday lows, with the ability of US stock futures to hold the NVIDIA-triggered rally helping aid greenback sentiment. A Japanese market holiday kept Asia-Pac trade muted, but firmer front-end US yields upon the re-opening of trade has also proved USD-supportive.
  • USD/JPY continues to print higher lows, with the new weekly high in spot at 150.77 well within range of key resistance and the bull trigger at 150.89. Any clearance here would put the pair at the best levels since late November, and could re-trigger concern in Japan over the weakness in the JPY, particularly as EUR/JPY's uptrend continues to bed in.
  • NOK sits at the other end of the table, softer against broader G10 despite few domestic cues in Norway. Brent prices sit softer, which could be undermining the currency - however a decent gap remains between current levels and key resistance at 11.5004.
  • Data releases are few and far between for the Friday session, with no Fed speakers on the docket. ECB's Schnabel is set to speak, but fresh policy messaging is unlikely at this stage.
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