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USDJPY Downside Momentum Picks Up Through Overnight Lows

FOREX
  • The Japanese Yen is the notable mover this morning with USDJPY (-0.92%) downside momentum picking up through the overnight lows at 132.39. This continues the weak price action exhibited throughout Thursday’s session with price sliding back below the 132 handle to fresh weekly lows.
  • Overall, the pair remains in a corrective cycle but has found resistance ahead of the 20-day EMA at 135.18. This average represents a key short-term hurdle where a break is required to signal scope for a stronger recovery.
  • As noted, the trend outlook remains bearish. The sharp sell-off on Dec 20 confirmed a resumption of the downtrend and maintains the bearish sequence of lower lows and lower highs. The bear trigger remains at 130.58 where a break would resume the downtrend.
  • It is worth highlighting month and year-end rebalancing coming up later today. From Barclays: "the passive rebalancing model at month-end points to strong USD buying against all majors in December."
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