USD/JPY jumps closer to 100 DMA barrier near mid-133.00s amid broad-based USD strength – by hareshmenghani USDJPY Fed BOJ RiskAversion Currencies
currently placed around the 133.30 mark, up nearly 0.90% for the day, with bulls now eyeing to challenge the 100-day Simple Moving Average barrier amid broad-based US Dollar strength.
In fact, the USD Index, which tracks the Greenback against a basket of currencies, builds on last week's recovery move from over a two-month low and gains strong follow-through traction amid expectations for further rate hikes by the Federal Reserve . The markets are now pricing in a greater chance of a 25 bps lift-off at the next FOMC policy meeting in May and the bets were lifted by the mostly upbeat US monthly employment details released on Friday.
This makes it prudent to wait for a sustained break through the 100-day SMA before positioning for any further appreciating move ahead of the US consumer inflation figures and the FOMC meeting minutes, due for release on Wednesday. Apart from this, traders will take cues from the US monthly Retail Sales figures on Friday. This will play a key role in influencing the near-term USD price dynamics and help determine the next leg of a directional move for the USD/JPY pair.
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