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USDJPY Sinks To Fresh Weekly Lows Following US Data

FOREX
  • The combination of weaker-than-expected Chicago PMI, consumer confidence and Richmond fed manufacturing data have all contributed to the demise of USDJPY through the latter half of Tuesday’s trading session.
  • Most recently the pair has slipped below Monday’s lows to briefly print a low of 135.74, an impressive near 120 pip sell-off in just a few hours.
  • EURUSD remains in negative territory on the day having also slipped ahead of the month-end WMR fix and is narrowing the gap with session's lows at 1.0582. Overall, the USD index is close to unchanged, with the data focus turning to ISM Manufacturing and Services PMIs later this week.
  • Many month-end models had flagged the bias for USD buying, however, with USDJPY sentiment taking a bearish U-turn, cross/JPY has also suffered as a result.
  • EURJPY faltered around 35 pips shy of 145.83 resistance, the Dec 20 high and has just gravitated back below the 144 handle. The Feb 24 low at 142.15 represents a key support.
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