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FOREX: USDJPY Steadily Eroding Overnight Gains

FOREX
BulletMarketsForeign Exchange Bullets
  • Higher core yields overnight assisted the weakness for the Japanese Yen, prompting USDJPY to rise around 100 pips from the lows to an overnight peak of 152.22. However, a subsequent reversal in fixed income markets and the weakness seen for major equity indices have bolstered the JPY recovery.
  • As such, USDJPY has been slowly grinding lower and currently trades around unchanged levels on the day. Price action narrows the gap to the overnight lows of 151.24 and below here, focus will be on the bear trigger at 150.93, the Feb 7 low.
  • Clearance of this level would resume the bear cycle that started on Jan 10, and would target 149.69 (Dec 9 low) and 148.65, the Dec 3 low and a key support.
  • In Japan, trade data will be released overnight before the focus turns to national CPI readings on Thursday. In the US, the FOMC minutes have the spotlight. Details surrounding the most recent adjustments to the January statement, as well as any discussion or analysis regarding the potential impact of the new presidential administration's policy shifts will be scrutinised.
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  • Higher core yields overnight assisted the weakness for the Japanese Yen, prompting USDJPY to rise around 100 pips from the lows to an overnight peak of 152.22. However, a subsequent reversal in fixed income markets and the weakness seen for major equity indices have bolstered the JPY recovery.
  • As such, USDJPY has been slowly grinding lower and currently trades around unchanged levels on the day. Price action narrows the gap to the overnight lows of 151.24 and below here, focus will be on the bear trigger at 150.93, the Feb 7 low.
  • Clearance of this level would resume the bear cycle that started on Jan 10, and would target 149.69 (Dec 9 low) and 148.65, the Dec 3 low and a key support.
  • In Japan, trade data will be released overnight before the focus turns to national CPI readings on Thursday. In the US, the FOMC minutes have the spotlight. Details surrounding the most recent adjustments to the January statement, as well as any discussion or analysis regarding the potential impact of the new presidential administration's policy shifts will be scrutinised.