FOREX: JPY Crosses-Look To Regain Momentum Higher, GBP/JPY Rejects 200 Again
US Equities momentum higher looks to be stalling, only the Google judgement helping overnight to reduce losses. US Futures have opened slightly higher this morning following through with the Goggle news, E-minis +0.15%, NQU5 +0.25%. The JPY crosses are trying to regain their momentum higher after stalling last week.
- EUR/JPY - Overnight range 172.63 - 173.41, Asia is trading around 173.05. This pair found solid support back towards 171.00 last week and is now trying to bounce. A sustained break above 173.00 is needed to see momentum pick up and the uptrend regain the upper hand, can it break higher before we get the NFP data ?
- GBP/JPY - Overnight 198.33 - 200.27, Asia trades around 198.95. This pair has again rejected the attempt to break back above 200.00, first support back towards 197.50.
- NZD/JPY - Overnight range 86.81 - 87.16, Asia is currently dealing 87.15. The pair continues to probe above 87.00 with very little pullback. The sell zone between 87.00/88.00 remains the preferred area to fade first up.
- CNH/JPY - Overnight range 20.7130 - 20.8407, Asia is currently trading around 20.8400. This pair has remained above its pivotal 20.30/20.40 support. A decent bounce higher overnight now sees the top end of the range come into focus. A sustained break back above 21.00 is needed to potentially see an extension higher.
Fig 1 : CNH/JPY Daily Chart
Source: MNI - Market News/Bloomberg Finance L.P
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