Coming into last week there was a threat of a larger case of carry unwind in the USD/JPY pair. In the prior week USD/JPY had finally taken out the 150 level and that was on the back of a really strong Japanese National CPI print, with headline CPI in Japan outpacing the U.S. as it came in at 4% against the prior release of 3% from the U.S. This drove fears of shifting policy which helped USD/JPY to break 150.00, but fear took a step back last Thursday after the release of Tokyo CPI numbers, which saw core inflation at 2.2% v/s the 2.3% expectation.
And given the-USD strength to end last week, USD/JPY got back above the 150.00 handle. That price is back in-play as support for this week and the threat of a larger case of carry unwind can’t yet be ruled out. For that, support structure in USD/JPY will be critical at 149.23 and 148.65. EUR/JPY could similarly be of attraction for Yen-strength scenarios.
But for Yen-weakness, GBP/JPY looks more attractive given the break back-above the 190.00 handle, which now presents as support potential.
I discussed GBP-strength against the U.S. Dollar in an article earlier today, and that can span to setups around the Yen.
Last Thursday’s USD/JPY Video:
#usd #jamesstanley #trading #usdjpy #eurusd #dxy #dxyanalysis #trump #trumptariffs #forex #fx #fxtrading #priceaction #priceactiontrading #forexcom #tradewar #tariffs
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