March 21, 2024 14:12 GMT
USDJPY Edges To Fresh Session High, AUDJPY Pierces 100.00 Earlier In Session
JPY
- USDJPY extends the overnight recovery and prints a fresh session high at typing above 151.50, now up 0.18% on the day. Further strength will quickly bring the cluster of significant resistance back into focus, with yesterday’s post-FOMC highs of 151.71 preceding the multi-decade highs at 151.91/95.
- Clearance of this resistance would confirm a resumption of the long-term USDJPY uptrend, with a break opening 152.66, a Fibonacci projection.
- Separately, AUD remains an outperformer following the strong post-holiday rebound in jobs, confirmed by data overnight. The RBA said this week that it isn’t “ruling anything in or out” and this data suggests that is an appropriate position and also that easing isn’t imminent.
- Earlier in the session, AUDJPY briefly printed above 100.00, a level that hasn’t traded since late 2014. While we have pared gains throughout the European morning, the pair remains marginally in the green and the ongoing strength for major equity benchmarks will likely remain a tailwind for the cross. 102.85, the 2014 high, would be the next technical target on the topside.
- Turning to next week, Australian CPI and retail sales data highlights the local docket.
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