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USDJPY Testing Resistance, Bulls Remain In The Driver’s Seat

JPY
  • In recent trade, USDJPY has continued to inch higher and has closed in on initial resistance at 150.78, the November 17 high. This extends the intra-day advance to 0.95%, with yield differentials the primary driver following the hot US inflation figures. With price now firmly above the psychological 150.00 mark and edging towards last years highs, market participants may once again be cautious of any verbal warnings from the Ministry of Finance, who will no doubt be wary of the impressive 7% advance this year.
  • The trend outlook remains bullish and the recent breach of key resistance at 148.80, Jan 19 high, confirmed a resumption of the uptrend that started late December. This also maintains the sequence of higher highs and higher lows. Above here, 151.43, the November 16 high comes into focus, inching ever closer to the multi-decade highs at 151.95.
  • Key short-term support remains unchanged at 145.90, the Feb 1 low. Initial support lies at 147.74, the 20-day EMA.
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