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Bullish Outlook


Trend Needle Still Points South


US-ASEAN Summit Concludes


Risk-On Sentiment Dominates

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The greenback rose alongside US yields on Thursday after positive ADP employment and services PMI data. USD/JPY pushed above the 110 handle for the first time since May 4, hitting highs of 110.33, last down 3 pips at 110.26

  • Data earlier showed household spending rose 13.0% Y/Y in April, above estimates of 8.7%. The jump shows consumer resilience in the face of the current wave of the pandemic compared to the first wave in 2020. The double digit print gives hope to a consumer led recovery.
  • There has been little in the way of meaningful domestic news flow since the Tokyo close.
  • From a technical perspective the USD/JPY outlook firmed further Thursday and remains bullish. The move lower from last week's high is still considered corrective. The rally from the May 25 low confirmed a resumption of the bull cycle that started Apr 23. The pair probed 110.15, a Fibonacci retracement. This opens the year's high print of 110.97 from Mar 31 where a break would resume the uptrend. Key S/T support is at 108.56, May 25 low. Moving average studies are in a bull mode.
  • There are no further releases on the economic docket today.

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