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USDJPY – 115.00 Still Key
The Trump Trade in the dollar rests on the action on USDJPY and for that pair the 115.00 barrier is absolutely key. Although equities and yields have continued to rise the dollar has not kept up pace. In fact, the buck made it’s highs mid December and has been giving back gains ever since.
For the dollar rally to continue USD/JPY need to definitively break above the 115.00 figure and so far it has failed to do so on many occasions suggesting that the dollar rally may be carving out a massive top. Tomorrow’s US GDP data could either make or break the pair depending on how it prints. The market is expecting a steep decline to 2.1% from the 3.5% pace the quarter prior, but if the data surprises to the upside, the stubborn 115.00 ceiling c.ould crack and USD/JPY may be on its way to resuming its rally