USDJPY Moving Well
The recent breakout trade idea issued in USDJPY has hit its initial target at 115.45. The uptick in USD this week has been further bolstered by a hawkish set of FOMC meeting minutes, which showed the Fed clearly discussing upside risks in its outlook and the need to tighten at a quicker pace if necessary. With data broadly trending higher and the US government’s COVID booster program having ongoing success, the near-term outlook for USD remains favourable here. While above the 114.70 level, the focus is on a push up towards the 116.06 level next.
Keep An Eye On
The US market is offline today with the Thanksgiving holiday, so flows might be a little lighter into the weekend. Looking ahead next week, the focus will be on the labour market readings for November. These releases have the potential to create a lot of USD volatility so be sure to stay tuned into the blog next week as we bring you our previews and trade ideas ahead of the release.