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USDJPY Extending Gains Above 148.00, Bullish Trend Outlook Unchanged

FOREX
  • Continued sensitivity to core rates leaves the Japanese yen as the joint poorest performer in G10 on Friday, alongside the New Zealand dollar. USDJPY’s impressive 150-pip jump in the aftermath of the US data was briefly capped around the 148.00 figure, however, the pullback remained very shallow, and the pair has extended gains above the figure in recent trade.
  • Price action sees USDJPY up 1.20% on the session, edging toward the January highs which reside at 148.80, closely followed by 149.16, a Fibonacci retracement. The trend outlook is unchanged and remains bullish, moving average studies have recently crossed and are now in a bull-mode set-up. This reinforces the current trend condition and highlights positive market sentiment. For reference, notable levels further out include 149.75 and 150.78, the November 22 and 17 highs respectively.
  • China Caixin Services PMI headlines the APAC docket on Monday before the focus turns to US Services PMI data, scheduled later in the session.
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