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A USD/JPY Surge to End the Week, FOMC and Equity Conviction Ahead

A USD/JPY Surge to End the Week, FOMC and Equity Conviction Ahead

John Kicklighter,

Talking Points:

  • USD/JPY posted its biggest daily rally Friday since the BoJ upgraded QQE on Oct 31, 2014
  • While the Nikkei 225 joined the Yen cross advance, the move was not a universal 'risk appetite' move
  • Ahead, themes like risk trends will blend with high level event risk including: FOMC; RBNZ; US, UK and EZ GDP

See the DailyFX Analysts' 2Q forecasts for the Dollar, Euro, Pound, Equities and Gold as well as our favorite 2016 trading opportunities in the DailyFX Trading Guides page.

There is a range of high profile event risk - anchored by the FOMC rate decision - due for release next week. Yet, the market's wouldn't head into the weekend in quiet contemplation of what is ahead. An exceptional surge from USD/JPY and the other yen crosses drew the focus of more than just the FX ranks. The biggest daily advance in 18 months for this closely-watched pair conspicuously stood unmatched for momentum since the BoJ offered a semi-surprise upgrade in its QQE program. Behind this move, there wasn't a specific event to provide lift. Nor was it a momentous rise in risk appetite - global equities were generally settling into the weekend drain. What does this mean for the Yen crosses heading into the new week? What's more, where do the opportunities and risks arise amongst the majors (Dollar, Euro, Yen, Pound) given the serious event risk on the docket? FOMC and RBNZ rate decisions; US, UK and Eurozone 1Q GDP figures are just a few of the big ticket items threatening volatility ahead. We discuss catalysts, conditions and opportunities in the weekend Trading Video.

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