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Free AccessUSDJPY Surges 1.3% To Fresh Cycle Highs
- With the Bank of Japan Governor seemingly playing down the Japanese Yen’s impact on inflation at today’s meeting, investors appear to have been given the green light to bolster their bearish views on the waning currency. Despite the usual two-way flurry in the aftermath of the post-decision press conference, USDJPY has resumed its strong upward bias and currently stands up 1.3% as we approach the weekend close.
- USDJPY highs for the session have been 157.79 at typing, with multiple topside targets being breached on Friday. Above here, the next notable level is 158.38, the 2.382 projection of the Feb 1 - 13 - Mar 8 price swing.
- With USDJPY leading the charge, the broader greenback found some support across US hours, with EURUSD and GBPUSD briefly slipping below Thursday’s lows.
- The USD index has risen 0.4% and despite some mixed reaction in the direct aftermath of the data, stronger-than-expected US core PCE figures may have bolstered the dollar bid.
- GBPUSD’s move higher this week was allowing an oversold condition to unwind, with trend conditions remaining bearish. A resumption of weakness would open 1.2266, the Nov 14 2023 low. Resistance to watch is 1.2583, the 50-day EMA.
- Equities have traded with a positive tone, keeping the Australian dollar as a relative outperformer with AUDUSD tracking around +0.20%. Both NZD and CAD sit mid-range, ~0.10% in the red against the dollar.
- German and Spanish CPI data kick off next week’s economic data calendar on Monday, with China PMIs highlighting Tuesday’s docket.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.