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FOREX: USDJPY Narrows in on Overnight 155.21 Lows

FOREX
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  • There has been broad dollar weakness in the aftermath of the Waller comments, with the ICE USD index sliding from session gains to losses amid March Fed cut pricing lifting to 8.5bps vs 6bp pre-Waller and 5bp pre-CPI.
  • With Japanese yen volatility in focus overnight, USDJPY has had the most significant adjustment, falling from 156.10 to 155.30. Spot has narrowed the gap to the overnight lows of 155.21, and the next focus below here will be on the 50-day EMA, intersecting today at 154.90.
  • As a reminder, Bloomberg headlines crossed overnight reiterating that the BoJ sees a good chance to hike rates next week absent a US shock. The report sends the strongest signal yet that the BoJ is preparing for a rate hike next week, bolstering the rhetoric from senior BOJ official earlier in the week.
  • Price action so far appears to be technically corrective, however, it is worth noting USDJPY trendline support at 153.83 (drawn from the Sep 16 low), a break of which would be a stronger signal of a direction trend shift. EURJPY and GBPJPY are notably pressuring the psychological pivots of 160.00 and 190.00 respectively once again, with bearish threats for both crosses continuing to develop.
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  • There has been broad dollar weakness in the aftermath of the Waller comments, with the ICE USD index sliding from session gains to losses amid March Fed cut pricing lifting to 8.5bps vs 6bp pre-Waller and 5bp pre-CPI.
  • With Japanese yen volatility in focus overnight, USDJPY has had the most significant adjustment, falling from 156.10 to 155.30. Spot has narrowed the gap to the overnight lows of 155.21, and the next focus below here will be on the 50-day EMA, intersecting today at 154.90.
  • As a reminder, Bloomberg headlines crossed overnight reiterating that the BoJ sees a good chance to hike rates next week absent a US shock. The report sends the strongest signal yet that the BoJ is preparing for a rate hike next week, bolstering the rhetoric from senior BOJ official earlier in the week.
  • Price action so far appears to be technically corrective, however, it is worth noting USDJPY trendline support at 153.83 (drawn from the Sep 16 low), a break of which would be a stronger signal of a direction trend shift. EURJPY and GBPJPY are notably pressuring the psychological pivots of 160.00 and 190.00 respectively once again, with bearish threats for both crosses continuing to develop.