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FOREX: USDJPY Extends Recovery from 50-Day EMA, Rises 0.75%

FOREX
BulletMarketsForeign Exchange Bullets
  • Despite some volatile price action either side of 156.00 in USDJPY in the aftermath of the Truth social comments by President-Elect Trump, the Japanese Yen is continuing its overnight weakening theme.
  • As such USDJPY, has extended session gains in recent trade and is currently up 0.75% on the day. The 50-day EMA had been touted as an important technical level for the pair, and this average managed to support USDJPY well overnight. The pair just tested the post US data highs from Thursday at 156.35, having recovered ~135 pips from the Friday APAC lows.
  • EURJPY had the most impressive move following the news and the more optimistic risk sentiment. After oscillating around the psychological pivot of 160.00, the pair rose a little over 100 pips to a 161.01 high. Despite the cross piercing support at 160.04, the Jan 13 low, a clear break would be required to strengthen a bearish threat and signal scope for a deeper retracement. On the upside, a move above 162.89, the Jan 15 high, would reinstate the recent bullish theme.
  • Focus turns to next week’s BOJ meeting, where although odds for a hike have been rising to around 80%, the first steps of Trump’s administration and ensuing market moves are reported to be the key catalyst for the decision.
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  • Despite some volatile price action either side of 156.00 in USDJPY in the aftermath of the Truth social comments by President-Elect Trump, the Japanese Yen is continuing its overnight weakening theme.
  • As such USDJPY, has extended session gains in recent trade and is currently up 0.75% on the day. The 50-day EMA had been touted as an important technical level for the pair, and this average managed to support USDJPY well overnight. The pair just tested the post US data highs from Thursday at 156.35, having recovered ~135 pips from the Friday APAC lows.
  • EURJPY had the most impressive move following the news and the more optimistic risk sentiment. After oscillating around the psychological pivot of 160.00, the pair rose a little over 100 pips to a 161.01 high. Despite the cross piercing support at 160.04, the Jan 13 low, a clear break would be required to strengthen a bearish threat and signal scope for a deeper retracement. On the upside, a move above 162.89, the Jan 15 high, would reinstate the recent bullish theme.
  • Focus turns to next week’s BOJ meeting, where although odds for a hike have been rising to around 80%, the first steps of Trump’s administration and ensuing market moves are reported to be the key catalyst for the decision.
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