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USDJPY Extends Recovery, Approaches 2023 Highs

JPY
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  • 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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  • 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.