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Thursday, March 04, 2021

107.00 Achieved on USD/JPY...

107.00 Achieved on USD/JPY...

Usd/Jpy has made a clean break above 107.00 and breached another technical resistance level in the form of the 100 WMA at 107.24, leaving the Yen with only half round number support at 107.50 to rely on.

Marked divergence between the Aussie and Yen, but not necessarily as a direct reflection of broad risk sentiment that traditionally drives the cross one way or the other. Instead, Aud/Usd rebounded from just above 0.7750 to circa 0.7815 largely on the back of a record trade surplus swelled by exports rising twice as fast as the previous month, while imports fell at the same pace. However, the Greenback is grinding higher across the board, with the index looking to retest recent highs above 91.000 between 90.970-91.223 parameters, and the Aussie also faces relatively formidable option expiry interest in the form of 1.5 bn at 0.7820-25 assuming it can clear 1 bn expiries at the 0.7800 strike convincingly alongside a pronounced retreat in copper and other base metals.

from Trading Ideas
via gqrds

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