USD/JPY extended its move lower, tracking decline in broad USD, OCBC Frances Cheung and Christopher Wong note.
The broader direction of travel for USD/JPY is to the downside
“Pair was last seen at 142.86. Bullish momentum on daily chart faded while RSI fell. Death cross formed with 50DMA cutting 200DMA to the downside. Risks skewed to the downside. Support at 142, 141.70 (Aug low). Resistance at 145.70 (21 DMA), 146.40 (23.6% fibo retracement of Jul high to Aug low) and147.20 (recent high).”
“Earlier in the week, BoJ Governor submitted a document to government panel, which reiterated that the BoJ would continue to raise interest rates if the economy and prices perform as expected by the BoJ.”
“Fed-BoJ policy shifts and growing pace of normalisation can bring about faster narrowing of UST-JGB yield differentials and this should continue to underpin the broader direction of travel for USD/JPY to the downside.”
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