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USDJPY Extends Gains Above 146, EURGBP At Support

FOREX
  • The greenback staged a late rally on Wednesday ahead of the FOMC minutes, which was consolidated in the aftermath of the release which showed most Fed “participants continued to see significant upside risks to inflation, which could require further tightening of monetary policy”. The USD index matched the weeks highs and resides close to six-week highs around 103.45 approaching the APAC crossover.
  • USDJPY has breached the 146 handle and is extending the day’s gains to around 0.45% on the session amid the broader rebound for the USD index and ongoing Yen weakness.
  • The overall uptrend for the pair resumed following the break of key resistance at 145.07, Jun 30 high. Moving average studies are in a bull mode condition, and the focus is now on 146.38, a Fibonacci projection. Above here, the notable target levels are 146.59, the Nov 10 2022 high, and 147.49, a Fibonacci projection level.
  • Today’s resilient services CPI data in the UK has kept GBP moderately bid, with the most notable strength against both he Japanese yen and the Euro. EURGBP weakness has narrowed the gap to support at 0.8544, the Jul 27 low and clearance of this level would expose 0.8504, the Jul 11 low and a bear trigger.
  • Australian employment data will be the focus overnight on Thursday before US jobless claims and Philly Fed manufacturing data later in the session.
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