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Market Analysis By FXNET - USD/JPY Climbed Its Way Up To A New 4-Month High

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USDJPY was driven to a new four-month high of 100.92 yen by mid-European session trading, its highest since July 10. EURJPY also rose, peaking at 135.87 yen, just below a four-year high hit yesterday.

The dollar was boosted by Wednesday’s Fed minutes which were upbeat on the US economy and suggested that trimming the pace of bond buying was possible in the coming months. There are some expectations for tapering as soon as the December meeting.

An already bullish dollar/yen was lifted higher today as a result of a broadly weaker yen, which fell after the Bank of Japan minutes today, in which the BOJ reiterated the view that it will continue with policy easing.

The euro was supported by comments from ECB Chief Mario Draghi today who eased fears of an imminent negative deposit rate cut. This helped the euro bounce from lows of1.3398 reached early in the European session when it was pressured by weak Eurozone PMI data. EURUSD rose to a high of 1.3476 by the end of the session.

Sterling jumped higher on strong UK factory data. The Confederation of British Industry’s monthly industrial trends index shows a rise to the highest level in 18 years. GBPUSD rose to a high of 1.6140 while GBPJPY hit a new four-year high of 162.73.

In the upcoming US session focus will turn to US jobless claims data and the Philly Fed manufacturing index.

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