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USDJPY Narrowing In On Key Bull Trigger At 145.07

JPY
  • Amid the broad greenback strength in recent trade, we are seeing the Japanese Yen come under continued pressure, remaining as one of the weakest currencies across G10 on Thursday. Despite the sharp move down to 143.30 after the US inflation data, the recovery has been consistent and substantial throughout US trade, showing little regard for the turn lower for major equity benchmarks.
  • An uptrend in USDJPY remains intact and the pair continues to narrow the gap with key medium term pivot resistance at 145.07, the June 30 high, which also represents the key bull trigger. A break of 145.07 would confirm a resumption of the trend and first target 145.69 before 146.38, both Fibonacci projection levels.
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