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USDJPY Narrows In On 133.87 Resistance

JPY
  • Early weakness has been shrugged off for USDJPY with higher core yields continuing to weigh on the Japanese yen, which has been under renewed pressure since the release of the US employment data on Friday.
  • Despite most recent gains for USDJPY being considered technically corrective overall, attention is on resistance at 133.87, Monday’s high. A break of this level would strengthen a short-term bullish theme and highlight a clear breach of the 50-day exponential moving average. This would open 134.75, a Fibonacci retracement.
  • On the downside, a reversal lower would signal scope for a return to 130.64, the Apr 5 low.
  • The obvious short-term driver for the pair will be the US CPI release tomorrow where an in-line core print would most likely cement a 25bp May hike from the Fed, resulting in a modest hawkish initial reaction.
  • On the domestic docket, Japan bank lending, core machinery orders and PPI data will be published overnight.
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