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USDJPY Downside Momentum Picks Up Through Overnight/Wednesday Lows

FOREX
  • Firmer major equity indices are weighing on the greenback on Thursday, with the USD index now down 0.4%, edging back below the 104 mark and approaching yesterday’s lows at 1.0385.
  • Some underperformance from the Australian dollar which sits marginally in negative territory, whereas Japanese Yen outperformance remains notable.
  • USDJPY is currently down 0.95% and has printed as low as 133.10 in recent trade. Downside momentum picked up on a break of the overnight lows through 133.50, potentially triggering some further selling through Wednesday’s low of 133.40.
  • As noted yesterday, recent gains are considered technically corrective. The sharp sell-off on Dec 20 confirmed a resumption of the downtrend and maintains the bearish sequence of lower lows and lower highs. Price remains below the 20-day exponential moving average and the bear trigger remains at 130.58 where a break would resume the downtrend.
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