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USDJPY Rejects 111 Mark Once More

FOREX
  • Unable to make a meaningful break above 111.00 last week, USDJPY once again retreated from the notable March highs as US equity indices also headed south following fresh record high prints earlier in the session.
  • Although a technical uptrend remains in place, bulls will be wary following the inability of the pair to extend above the previous bull trigger at 110.97. Initial key support remains unchanged at 109.72, Jun 21 low. A break of this level is required to signal a top.
  • Furthermore, yen crosses suffered the most on Monday, with AUDJPY and NZDJPY sliding the best part of 0.75% from their highs. Particular weakness was likely exacerbated by Sydney beginning a two-week lockdown on Sunday as a cluster of cases of the highly infectious coronavirus Delta variant rose to 110 in Australia's largest city.
  • The Dollar Index continued it's consolidation trend with some initial strength being reversed throughout the latter half of Monday. With the DXY broadly unchanged, most G10 pairs are respecting most recent ranges. EM volatility was also capped with the biggest move seen in TRY (+0.77%).
  • No notable price action around today's WMR fix. Citi's prelim month-end model for June indicates slight USD sales with their signal strength under half the historical norm.
  • RBNZ Governor Orr due to speak overnight as well as further comments expected from Fed's Barkin tomorrow. Eurozone CPI Flash Estimate on Thursday, however, markets likely keeping firm focus on the US NFP report due Friday.
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