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USDJPY Remains Below The 50-Day EMA, US CPI In Focus

JPY
  • Given USDJPY’s sensitivity to movement in core yields and the key US inflation data due next Tuesday, the pair will naturally be in focus for currency traders next week.
  • Price action today and throughout the week has been centred around BOJ headlines which, while providing volatility, has not garnered any meaningful adjustment with the pair residing just 0.2% higher on the week.
    • The likely next governor of the Bank of Japan Kazuo Ueda is likely to support continued ultra-low rates as he studies the economy and price conditions, but could consider measures to restore the functioning of financial markets via tweaks to yield curve control policy, MNI understands.
  • Resistance at the 50-day exponential moving average remains intact, currently intersecting at 132.77. This average represents a key short-term level and a clear break is required to suggest scope for an extension higher that would expose 134.77, the Jan 6 high.
  • For now, the broader trend direction remains down and recent gains are considered corrective. Firm support to watch is at 128.09, the Feb 2 low and the bear trigger is at 127.23, the Jan 16 low - a break of which would resume the downtrend.
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