FOREX: JPY Crosses - Risk Sentiment Help The Crosses Higher
US Stocks surged with a better than expected NFP print as risk builds on the positive backdrop. The JPY underperformed overnight as the crosses began to move higher in response to the more positive risk sentiment and challenged a market that is long JPY.
- EUR/JPY - Overnight range 169.51 - 170.61, Asia is trading around 170.20. The pair broke above 170.00 overnight and has regained the upward momentum. It has already had a decent move higher but with risk performing this should continue to do well.
- GBP/JPY - Overnight range 196.22 - 198.10, Asia trades around 197.50. The pair bounced strongly off its support around 196.00 and while this support holds focus will turn back towards the 199.00/200.00 area.
- NZD/JPY - Overnight range 87.24 - 88.05, Asia is currently dealing 87.85. NZD/JPY is attempting to break above 88.00 if this can be sustained then the focus will turn back to the 90.00 area.
- CNH/JPY - Overnight range 20.0718 - 20.2517 Asia is currently trading around 20.1925. A big reversal from the 20.50/20.60 resistance area. In the middle of its recent range awaiting clearer direction with a bias to sell rallies.
Fig 1 : NZD/JPY Hourly Chart
Source: MNI - Market News/Bloomberg Finance L.P
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