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USDJPY Grinds Towards Highs Post BOJ-Induced Volatility, EURAUD Surges

FOREX
  • USDJPY looks set to close just below session highs despite the earlier BOJ decision to tweak its yield curve control policy. An impressive 300 point range in the direct aftermath of the decision has capped the price action throughout the remainder of Friday’s session, however, the pair has remained well supported on dips and currently trades just shy of the day’s peak of 141.07.
  • Two early attempts back below 139.00 were met with stiff demand and given the more optimistic price action, markets will turn their focus to the topside, where clearance of 141.96 would reinstate a bullish technical theme.
  • Mixed numbers from the US that also came in close to expectations, kept the greenback in check overall. The USD index (-0.13%) is just marginally softer on the day, with broad outperformance for major equity benchmarks weighing at the margin.
  • The Euro and GBP are outperforming, while Antipodean currencies are among the laggards on Friday. There is little to explain this divergence apart from AUD/USD breaking a series of key supports to hit the lowest levels since early July. Additionally, early substantial weakness across Monday and Tuesday for EURAUD has now entirely reversed and the pair is pressing fresh weekly highs at typing, ahead of the weekend close.
  • China manufacturing and non-manufacturing PMI will kick off the global data calendar next week before Eurozone July CPI takes centre-stage. Highlights next week include the RBA and BOE rate decisions, both preceding the July US non-farm payrolls release.
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