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USDJPY Approaches Previous Breakout Point At 145.07

JPY
  • The Japanese Yen continues to outperform in G10 this morning, with USDJPY extending session lows in recent trade below 145.20, coinciding with the aforementioned weakness for European equities. As noted earlier, the initial support lies between 145.07-11, a key pivotal area that after breaking earlier this week, provoked further upside pressure resulting in yesterday’s 146.56 high print.
  • Some analysts have been noting yesterday’s peak as closely matching with the November 10 high print last year, a level that traded shortly before the release of lower-than-expected US October CPI. Overall, sentiment remains unchanged and the uptrend in USDJPY remains intact, with short-term pullbacks considered corrective at this juncture. Initial firm support is 143.74, the 20-day EMA.
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