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USDJPY Extending Gains Above 139.00 Ahead Of FOMC Minutes

JPY
  • Overall greenback strength continues to prevail across currency markets, bolstered by the traditionally hawkish tone of Fed’s Waller. Despite AUD and NZD still being bottom of the G10 pile, Japanese yen weakness has been consistent over the course of the US session as we approach the release of the FOMC minutes at 1900BST/1400ET.
  • USDJPY has been steadily grinding higher, extending gains above yesterday’s highs around 138.90 and then the 139 handle. Bullish conditions remain intact and a fresh trend high on Wednesday reinforces the current theme.
  • Last week’s break of 137.77-91, the May 2 and Mar 8 high respectively, confirmed a resumption of the uptrend that started Jan 16, opening the next targets for the move which are 139.59, a Fibonacci retracement and eventually 140.62, the bull channel top drawn from the Jan 16 low.
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