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Free AccessUSDJPY Extends Recovery, Approaches 2023 Highs
- USDJPY has risen 0.75% on Wednesday and looks set to extend its winning streak to five trading sessions. More buoyant price action for major indices appears to be underpinning the bid for cross/JPY, most notably seen by the 1.30% climb for NZDJPY.
- Resistance for USDJPY at 136.63, the May 3 high, has been cleared and this signals scope for a continuation towards 137.77, the May 2 high and the 2023 highs of 137.91. A break of this resistance zone would strengthen bullish conditions and would open the potential for a move to 139.59/140.00. On the downside, initial firm support is seen at 134.96, the 20-day EMA.
- With tier-one growth data released earlier today, just trade balance and national CPI data are scheduled on the domestic docket for the rest of the week. As a reminder, Fed’s Powell is due to participate in a panel discussion titled "Perspectives on Monetary Policy" on Friday.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.