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USDJPY Consolidates Back Above 146.00 Ahead of US CPI

FOREX
  • The US session saw G10 currencies hold narrow ranges as markets await key US inflation data on Tuesday and major central bank decisions due later this week. Early losses for the Japanese Yen saw USDJPY recover back above 146.00 and the pair has consolidated strong 1% gains on the session.
  • USDJPY (+0.90%) price action saw the pair further erase last week's sharp sell-off on Bloomberg headlines citing sources that said the BoJ see little need to reverse negative interest rate policy at next week's policy meeting.
  • The latest recovery - for now - appears to be a correction. Key short-term resistance to watch is 147.32, the Dec 7 high, a break of which would undermine the bearish theme. EUR/JPY's recovery toward 158.73 has confirmed the 154.08 200-dma as solid support, a level which should hold focus as the week progresses.
  • WTI rebounding back towards overnight highs has provided a small relative boost for CAD, which tops the G10 FX leaderboard today, along with the Swiss Franc.
  • Broadly, the dollar index holds close to last week's post-NFP highs, making 104.26 the level of focus ahead. G10 spot ranges across US hours remained very contained as market participants remain on the sidelines ahead of key event risk this week, including tomorrow’s US inflation data.
  • Consensus puts US core CPI inflation at 0.3% M/M in November, reaccelerating to 0.3% after a surprise moderation to 0.23% M/M in October. Both the Bloomberg survey and analyst previews seen by MNI imply downside skew.
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