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USD/JPY Tests 149.00 Before Reversing Ahead Of US CPI

JPY

Post the Asia close on Monday saw USD/JPY under some slight selling pressure briefly trading below the 149.00 and hitting a daily low of 149.93 during the European but was quickly met with buyers as the US session got underway, the creep higher in front-end yields also aided the move to end trading at 149.33.

  • Yen ended Monday trading a touch lower at 149.36 down 0.01%, as SEK, NOK, AUD & CAD led the way for the G10 currencies, in a positive day for natural resource currencies. As the BBDXY closed the day unchanged.
  • USD/JPY strength across US hours puts prices well within range of the bull trigger and near-term high of 149.58, a rise above which would be the highest level since November.
  • Levels to watch, are above Fridays highs of 149.58 a break above here opens the Nov 22 high of 149.75 and then 150.78, the Nov 17 High. US CPI should prove key for the near-term outlook, with a higher-than-expected reading likely to put the 2Y YTD high of 4.495% in focus.
  • Looking ahead: Jan PPI, Jan Machine Tool Orders & US CPI
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