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USDJPY Grinding Back Towards Daily Lows At 133.61

JPY
  • Despite the firmer greenback in the aftermath of higher US PPI data, the USD index has slowly been trimming gains throughout the US session.
  • USDJPY briefly topped Wednesday’s high to print at 133.46, however, now resides roughly 75 pips lower and is approaching the day’s lows approaching the APAC crossover.
  • Earlier in the week, the pair broke above the key short-term resistance marking the 50-day EMA, suggesting scope for an extension higher that would expose 134.77, the Jan 6 high more broadly.
  • However, the more medium-term trend direction remains down and recent gains are considered technically corrective. Given the substantial recovery from last Friday’s low, support remains much further out at 129.81. Firm support to watch is at 128.09, the Feb 2 low and the bear trigger remains at 127.23, the Jan 16 low - a break of which would resume the downtrend.
  • Worth noting there are no tier-one data releases in either the US or Japan on Friday and on Monday, the US will be out for President’s Day. Focus will turn to Tuesday’s Flash Services PMI data and Wednesday’s release of the FOMC minutes.
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