Head of FX Strategy
Summary: The recent JPY breakouts are extending aggressively in nearly every G10 JPY cross. Meanwhile, the USD has avoided tumbling over the edge in broad terms despite the USDJPY meltdown and is eyeing fresh highs versus the commodity dollars as 2019 gets underway.
Chart: USDJPY
The technically promising break lower in the wake of the December FOMC meeting has extended aggressively since. But with the USD showing signs of firming elsewhere and as we are well into the second wave of price action lower, the near term risk/reward look may prove limited.
The end of the road
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