Dollar was initially mixed last week but buyers jumped in after FOMC minutes revealed the quantitative tightening plan. US benchmark treasury yields also surged to highest level since 2019. Both Canadian and Australian Dollars followed as second and third strongest. Aussie was boosted by RBA's hints on earlier rate hike while Loonie was supported by strong job data.

While ECB delivered a hawkish twist in the meeting minutes, Euro ended as the worst performer as the Ukraine war dragged on. Yen was the next weakest, and continued its inverse relationship with global benchmark yields. Sterling and Swiss Franc were mixed.

USD/JPY Weekly Outlook

USD/JPY's rebound from 121.27 extended higher last week but upside was capped below 125.09 resistance. Initial bias remains neutral this week first. On the upside, firm break of 125.09 will resume larger up trend from 102.58. Further break of 125.85 long term resistance will pave the way to 130.04 long term projection level. Consolidation from 125.09 could still extend with another falling leg. But overall outlook will remain bullish as long as 121.17 support holds.

EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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