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USDJPY Gravitates Back To Prior Breakout Level Around 145.00

FOREX
  • Greenback strength over the European session was reversed during US trade on Friday, leaving the USD index in marginal negative territory. The Japanese Yen is the strongest performer in G10, with USDJPY slowly gravitating back towards session lows and the important pivotal support around 145.10. Overall, sentiment remains unchanged and the uptrend in USDJPY remains intact, with short-term pullbacks considered corrective at this juncture. Initial firm support is 143.74, the 20-day EMA.
  • On the other end of the spectrum the Swiss Franc is the weakest on the board. EURCHF was unable to match the July lows of 0.9522 and has since edged higher to levels close to unchanged on the week.
  • Despite briefly trading below 1.2700 on the back of weaker UK retail sales, GBPUSD has bounced around 40 pips and remains only moderately lower on the session with the week’s earlier wage data maintaining hawkish bets on the Bank of England’s policy path ahead.
  • Overall, the USD index has risen around half a percent this week, mainly reflecting the concerns over the Chinese economy and the associated higher yields and lower equity benchmarks.
  • Focus turns swiftly to next week where markets will receive the latest European Flash PMIs to indicate the health of Eurozone economies. The main event will be the Jackson Hole Symposium where Fed Chair Powell and ECB’s Lagarde are already slated to speak.
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