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USDJPY Surges 1.3% To Fresh Cycle Highs

FOREX
  • 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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