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USDJPY Set To Post Fourth Consecutive Week Of Gains

FOREX
  • The week’s price action was centred around volatility in the Japanese Yen. Following USDJPY’s multi-year high print above the 125 handle, a sharp retracement ensued, resulting in a near 400 pip weekly range.
  • With gains of 0.75% on Friday, the pair looks set to post its fourth consecutive week of gains and close around 122.60 with initial support now established at 121.28. On the upside, initial resistance is seen at 123.20, the Mar 30 high with the bull trigger unchanged at 125.09.
  • US NFP data did little to move the dial in the currency space, with the greenback extending its recovery off the Wednesday lows. The dollar index gained 0.3% on Friday and looks set to post very minor losses for the week.
  • AUD displayed clear outperformance, rising a quarter of a percent against the dollar. Breaching back above $0.7500, the pair has narrowed the gap with the cycle high at 0.7540 printed on Mar28. Progress through here opens 0.7556, the Oct 28 High and a key resistance.
  • A quiet data day on Monday, however there may be comments from BoE’s Bailey on Monday, before the RBA meeting/decision on Tuesday. China observes holidays on Monday and Tuesday.
  • In the US, ISM Services data is scheduled for Tuesday before the FOMC minutes will be released on Wednesday. Currency markets remain on watch for any further steps toward a ceasefire made at new negotiations between Russian and Ukrainian representatives.
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