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USDJPY Continues Grind Lower, Reapproaches 142.00

JPY
  • Following the post-BOJ bounce for USDJPY to a 144.96 high, the pair has since slipped an impressive 285 pips and now finds itself trading comfortably below the pre-central bank meeting levels. With this, the pair is down 1% on the session, printing a fresh low for the week at 142.05.
  • From a technical standpoint, the aforementioned USDJPY recovery from 140.97, the Dec 14 low, appears to be a correction. The most recent weakness has reinforced current bearish conditions.
  • On Dec 14, the pair breached support at 141.71, the Dec 7 low, to confirm a resumption of the downtrend that started on Nov 13. Sights are on 140.71, a Fibonacci retracement point.
  • Regarding the domestic calendar, Japan National Core CPI for November is due overnight, as well as the BOJ minutes. Finishing off the week, US PCE deflator, personal spending, durable goods and UMich sentiment & expectations data are all scheduled.
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