[ad_1]
USD/JPY Rangebound with US Data Likely to Provide Near-Term Direction
Teaser: USD /JPY continues to struggle for any clear direction. US CPI data due tomorrow is likely to provide some guidance ahead of the FOMC on Wednesday.
KEY POINTS:
Recommended by Zain Vawda
Get Your Free JPY Forecast
Most Read: USDJPY, EURJPY and NZDJPY Support Different Technical Scenarios
USD/JPY FUNDAMENTAL BACKDROP
USD/JPY continued its advance in the Asian session before a modest pullback as the European session began pushed the pair below the 137.00 handle. The dollar index began the week on the front foot as anticipation builds before the much-awaited FOMC meeting on Wednesday.
The US dollar index has benefitted from recent data releases including Fridays PPI print. The data releases have resulted in market participants expecting a bullish statement from Fed Chair Powell even if the FED only hikes by 50bps. US inflation data (CPI) is due out tomorrow which may provide more guidance as to the Feds thinking ahead of the FOMC meeting. A rise in inflation for November may add strength to the US dollar and add a further challenge for the Federal Reserve.
Recommended by Zain Vawda
How to Trade USD/JPY
The Bank of Japan meanwhile remains steadfast on its position regarding rate hikes which continues to hamper the Yen. Over the weekend BoJ policymaker Hajime Takata stated that the Japanese economy is not yet in a position to end yield curve control. The Central Banks policy remains tied to wage growth with Governor Kuroda looking for wage growth to exceed inflation.
A quiet day ahead on the calendar front before tomorrow's US inflation print which could very well have increased. We have seen stellar job numbers, wage growth and a rise in the PPI which hint at a higher inflation print. Will a potential increase in inflation be enough for the Fed to deliver a 75bps hike? Only time will tell….
For all market-moving economic releases and events, see the DailyFX Calendar
From a technical perspective, USD/JPY is trying to gain acceptance above the 137.00 handle with the 200-day MA just resting below current price. USDJPY has been consolidating for the last 5 days with a break higher looking all the more likely this week as we have a host of key data releases. We do have the descending trendline which may come into play should the pair push toward the 138.00 level which could provide resistance.
USD/JPY Daily Chart – December 12, 2022
Source: TradingView
IG CLIENT SENTIMENT DATA: MIXED
IGCS shows retail traders are currently SHORT on USD/JPY , with 57% of traders currently holding short positions. At DailyFX we typically take a contrarian view to crowd sentiment, and the fact that traders are short suggests that USD/JPY may continue rise.
Written by: Zain Vawda, Markets Writer for DailyFX.com
Contact and follow Zain on Twitter: @zvawda
element instead.
are evaluated with each page change.
For more information, see: https://turbo.hotwired.dev/handbook/building#working-with-script-elements
——
Suppress this warning by adding a "data-turbo-suppress-warning" attribute to: %s
`,element.outerHTML)})(),window.Turbo=Turbo,start();Turbo=Object.freeze({__proto__:null,PageRenderer:PageRenderer,PageSnapshot:PageSnapshot,clearCache:clearCache,connectStreamSource:connectStreamSource,disconnectStreamSource:disconnectStreamSource,navigator:prototype,registerAdapter:registerAdapter,renderStreamMessage:renderStreamMessage,session:session,setConfirmMethod:setConfirmMethod,setProgressBarDelay:setProgressBarDelay,start:start,visit:visit});function createSingleton(removeOnTurboVisit=!1){return function(target,name,descriptor){const original=descriptor.value;return descriptor.value=(...args)=>{var _a;window.DFX_SINGLETONS=null!=(_a=window.DFX_SINGLETONS)?_a:{};const instanceId=target.prototype.constructor.name+":"+name;if(removeOnTurboVisit){const turboCallback=()=>{window.DFX_SINGLETONS[instanceId]&&(window.DFX_SINGLETONS[instanceId]=null),document.removeEventListener("turbo:visit",turboCallback)};document.addEventListener("turbo:visit",turboCallback)}return window.DFX_SINGLETONS[instanceId]||(_a=original.apply(this,args),Object.defineProperty(window.DFX_SINGLETONS,instanceId,{value:_a,writable:!0}),_a)},descriptor}}class DfxLocalStorageCookieManager{constructor(localStorage){this.localStorage=localStorage,this.localStorage=localStorage;try{this.localStorage.setItem("test","test"),this.localStorage.removeItem("test"),this.isLocalStorageAvailable=!0}catch(e){this.isLocalStorageAvailable=!1}}getCookie(name){return(name=name&&document.cookie.match(new RegExp(`(?:^|; )${name.replace(/([.$?*|{}()\[\]\\\/+^])/g,"\\$1")}=([^;]*)`)))?decodeURIComponent(name[1]):void 0}setCookie(name,value,expires,domain,secure=!0){let cookieString=name+"="+value;"string"==typeof expires&&(cookieString+=";expires="+expires),"string"==typeof domain&&(cookieString+=";domain="+domain),cookieString+="; path=/",secure&&"https:"===location.protocol&&(cookieString+="; secure"),document.cookie=cookieString}deleteCookie(name){this.setCookie(name,"","Thu, 01 Jan 1970 00:00:00 UTC")}getLocalStorageOrCookie(name){var _a;return this.isLocalStorageAvailable&&null!=(_a=this.localStorage.getItem(name))?_a:this.getCookie(name)}setLocalStorageOrCookie(name,value,expires,domain){this.isLocalStorageAvailable?this.localStorage.setItem(name,value):this.setCookie(name,value,expires,domain)}deleteLocalStorageOrCookie(name){this.isLocalStorageAvailable?this.localStorage.removeItem(name):this.deleteCookie(name)}}var __defProp$5=Object.defineProperty,__getOwnPropDesc$5=Object.getOwnPropertyDescriptor;class DfxLocalStorageCookieManagerFactory{static create(){return new DfxLocalStorageCookieManager(window.localStorage)}}((decorators,target,key,kind)=>{for(var decorator,result=1
=level}normalizeValue(value){let intValue=parseInt(value);return intValue=isNaN(intValue)?3:intValue}}var __defProp$4=Object.defineProperty,__getOwnPropDesc$4=Object.getOwnPropertyDescriptor;class DfxGdprCheckerFactory{static create(){return new DfxGdprChecker(DfxLocalStorageCookieManagerFactory.create())}}((decorators,target,key,kind)=>{for(var decorator,result=1new Promise((resolve,reject)=>{var fulfilled=value=>{try{step(generator.next(value))}catch(e){reject(e)}},rejected=value=>{try{step(generator.throw(value))}catch(e){reject(e)}},step=x=>x.done?resolve(x.value):Promise.resolve(x.value).then(fulfilled,rejected);step((generator=generator.apply(__this,__arguments)).next())});const COUNTRIES_TO_REPLACE_MAP=new Map([["GB","UK"]]);class DfxGeoLocation{constructor(geoJsUrl,dfxLocalStorageCookieManager){this.geoJsUrl=geoJsUrl,this.dfxLocalStorageCookieManager=dfxLocalStorageCookieManager}init(){return __async$2(this,null,function*(){var redirectData=yield this.getRedirectData();COUNTRIES_TO_REPLACE_MAP.has(redirectData.country)&&(redirectData.country=COUNTRIES_TO_REPLACE_MAP.get(redirectData.country)),this.redirectData=redirectData,this.setBodyClasses().setLocationToStorage()})}getRedirectData(){return __async$2(this,null,function*(){var redirectData;return this.redirectData||((redirectData=this.getLocationFromStorage())?(this.redirectData=redirectData,this.redirectData):this.loadRedirectData())})}loadRedirectData(){return new Promise(resolve=>{var script=document.createElement("script");script.onload=()=>{this.redirectData=window.redirectData,resolve(this.redirectData)},script.setAttribute("src",this.geoJsUrl),document.head.appendChild(script)})}setBodyClasses(){const countryCode=this.redirectData.country.toLowerCase();return document.body?(document.body.classList.remove("dfx-country-pending"),document.body.classList.add("dfx-country-"+countryCode)):document.addEventListener("DOMContentLoaded",()=>{document.body.classList.remove("dfx-country-pending"),document.body.classList.add("dfx-country-"+countryCode)},!1),this}getLocationFromStorage(){var expiresIn=this.dfxLocalStorageCookieManager.getLocalStorageOrCookie("dfx-redirectData_expiresIn");return!!(expiresIn&&parseInt(expiresIn)>Date.now())&&JSON.parse(null!=(expiresIn=this.dfxLocalStorageCookieManager.getLocalStorageOrCookie("dfx-redirectData"))?expiresIn:"false")}setLocationToStorage(){var date=new Date;return date.setTime(date.getTime()+6048e5),this.dfxLocalStorageCookieManager.setLocalStorageOrCookie("dfx-redirectData",JSON.stringify(this.redirectData),date.toUTCString()),this.dfxLocalStorageCookieManager.setLocalStorageOrCookie("dfx-redirectData_expiresIn",""+date.getTime(),date.toUTCString()),this}}var __defProp$3=Object.defineProperty,__getOwnPropDesc$3=Object.getOwnPropertyDescriptor;class DfxGeoLocationFactory{static create(){return new DfxGeoLocation(window.DFX_ENDPOINTS.geoJs,DfxLocalStorageCookieManagerFactory.create())}}((decorators,target,key,kind)=>{for(var decorator,result=1{this._resetAssetClasses()._resetInstruments()._resetCategories()})}_setDefaultStates(){return this.baiduState=STATES.OFF,this.pixelState=STATES.OFF,this.gptState=STATES.OFF,this.gtmState=STATES.OFF,this.taboolaState=STATES.OFF,this}_resetInstruments(){return this.gptInstrumentPairs=new Set,this}_resetCategories(){return this.gptCategories={category:"",subCategory:""},this}_resetAssetClasses(){return this.gptAssetClasses=new Set,this}createFacebookPixel(){var loadCallback,b,e,n,f;return this.dfxGdprChecker.checkLevel(3)&&this.allowedTrackingsConfig[TRACKINGS.FACEBOOK_PIXEL]&&this.pixelState===STATES.OFF&&(this.pixelState=STATES.LOADING,loadCallback=()=>{this.pixelState=STATES.READY},f=window,b=document,e="script",f.fbq||(n=f.fbq=function(){n.callMethod?n.callMethod.apply(n,arguments):n.queue.push(arguments)},f._fbq||(f._fbq=n),(n.push=n).loaded=!0,n.version="2.0",n.queue=[],(f=b.createElement(e)).async=!0,f.onload=loadCallback,f.src="https://connect.facebook.net/en_US/fbevents.js",(loadCallback=b.getElementsByTagName(e)[0]).parentNode.insertBefore(f,loadCallback)),this.fbq=window.fbq,this.fbq("init",this.facebookPixelId)),this}facebookPixelTrack(type){return this.dfxGdprChecker.checkLevel(3)&&this.allowedTrackingsConfig[TRACKINGS.FACEBOOK_PIXEL]&&(this.pixelState===STATES.OFF&&this.createFacebookPixel(),this.fbq("track",type)),this}facebookPixelTrackPageView(){return this.dfxGdprChecker.checkLevel(3)&&this.facebookPixelTrack("PageView"),this}facebookPixelTrackLead(){return this.dfxGdprChecker.checkLevel(3)&&this.facebookPixelTrack("Lead"),this}createGTM(){if(this.dfxGdprChecker.checkLevel(1)&&this.allowedTrackingsConfig[TRACKINGS.GTM]&&this.gtmState===STATES.OFF){this.gtmState=STATES.LOADING;const scriptOnload=()=>{this.gtmState=STATES.READY};var w=window,d=document,s="script",l="dataLayer",i=this.tagManagerId,p=this.tagManagerParams;w[l]=w[l]||[],w[l].push({"gtm.start":(new Date).getTime(),event:"gtm.js"}),w=d.getElementsByTagName(s)[0],(l=d.createElement(s)).async=!0,l.src="https://www.googletagmanager.com/gtm.js?id="+i+p,l.onload=scriptOnload,w.parentNode.insertBefore(l,w)}return this}createTwitterPixel(){var n,s,e,t;return this.dfxGdprChecker.checkLevel(3)&&this.allowedTrackingsConfig[TRACKINGS.TWITTER_PIXEL]&&(e=window,t=document,n="script",e.twq||((s=e.twq=function(){s.exe?s.exe.apply(s,arguments):s.queue.push(arguments)}).version="1.1",s.queue=[],(e=t.createElement(n)).async=!0,e.src="https://static.ads-twitter.com/uwt.js",(t=t.getElementsByTagName(n)[0]).parentNode.insertBefore(e,t)),twq("init","o92un"),twq("track","PageView")),this}createGPT(){if(this.dfxGdprChecker.checkLevel(1)&&this.allowedTrackingsConfig[TRACKINGS.GPT]&&this.gptState===STATES.OFF){this.gptState=STATES.LOADING;const scriptOnload=()=>{this.gptState=STATES.READY};var gads,useSSL,googletag=window.googletag||{cmd:[]};(gads=document.createElement("script")).async=!0,gads.type="text/javascript",useSSL="https:"===document.location.protocol,gads.src=(useSSL?"https:":"http:")+"//www.googletagservices.com/tag/js/gpt.js",gads.onload=scriptOnload,(useSSL=document.getElementsByTagName("script")[0]).parentNode.insertBefore(gads,useSSL),window.googletag=window.googletag||googletag}return this}trackGTMpageLoadEvent(){return this.dfxGdprChecker.checkLevel(1)&&(window.dataLayer=window.dataLayer||[],window.dataLayer.push({event:"turboPageView",virtualUrl:window.location.pathname})),this}createBaiduTracking(){var s,hm,curProtocol;return this.dfxGdprChecker.checkLevel(2)&&this.allowedTrackingsConfig[TRACKINGS.BAIDU]&&this.baiduState!==STATES.READY&&((hm=document.createElement("script")).src="https://hm.baidu.com/hm.js?961aa7f85d30d676f24a6f928c035b90",(s=document.getElementsByTagName("script")[0]).parentNode.insertBefore(hm,s),hm=document.createElement("script"),curProtocol=window.location.protocol.split(":")[0],hm.src="https"===curProtocol?"https://zz.bdstatic.com/linksubmit/push.js":"http://push.zhanzhang.baidu.com/push.js",(curProtocol=document.getElementsByTagName("script")[0]).parentNode.insertBefore(hm,curProtocol),this.baiduState=STATES.READY),this}addGptAssetClasses(assetClasses){if(Array.isArray(assetClasses))return assetClasses.forEach(assetClass=>this.gptAssetClasses.add(assetClass)),this;throw new TypeError("Param assetClasses must be an Array")}addGptInstrumentPairs(pairs){if(Array.isArray(pairs))return pairs.forEach(assetClass=>this.gptInstrumentPairs.add(assetClass)),this;throw new TypeError("Param pairs must be an Array")}addGptCategories(category="",subCategory=""){this.gptCategories={category:category,subCategory:subCategory}}getGptAssetClasses(){return this.gptAssetClasses}getGptInstrumentPairs(){return this.gptInstrumentPairs}getGptCategory(){return this.gptCategories.category}getGptSubCategory(){return this.gptCategories.subCategory}createTaboolaPixel(){if(this.dfxGdprChecker.checkLevel(3)&&this.allowedTrackingsConfig[TRACKINGS.TABOOLA_PIXEL]&&this.taboolaState===STATES.OFF){this.taboolaState=STATES.LOADING;const scriptOnload=()=>{this.taboolaState=STATES.READY};var t,f,x;window._tfa=window._tfa||[],window._tfa.push({notify:"event",name:"page_view",id:this.taboolaPixelId}),this.tfa=window._tfa,t=document.createElement("script"),f=document.getElementsByTagName("script")[0],x="tb_tfa_script",document.getElementById(x)||(t.async=1,t.src="https://cdn.taboola.com/libtrc/unip/1350268/tfa.js",t.id=x,t.onload=scriptOnload,f.parentNode.insertBefore(t,f))}return this}taboolaPixelTrack(eventName){return this.dfxGdprChecker.checkLevel(3)&&this.allowedTrackingsConfig[TRACKINGS.TABOOLA_PIXEL]&&(this.pixelState===STATES.OFF&&this.createTaboolaPixel(),this.tfa.push({notify:"event",name:eventName,id:this.taboolaPixelId})),this}}class DfxConfig{constructor(config){this.config=config}get(key){return this.config.get(key)}set(key,value){this.config.has(key)||this.config.set(key,value)}}var __defProp$2=Object.defineProperty,__getOwnPropDesc$2=Object.getOwnPropertyDescriptor;class DfxConfigFactory{static create(){var mergedConfig=Object.assign({},window.DFX_CONFIG,window.DFX_ENDPOINTS),mergedConfig=new Map(Object.entries(mergedConfig));return new DfxConfig(mergedConfig)}}((decorators,target,key,kind)=>{for(var decorator,result=1{for(var decorator,result=1{var fulfilled=value=>{try{step(generator.next(value))}catch(e){reject(e)}},rejected=value=>{try{step(generator.throw(value))}catch(e){reject(e)}},step=x=>x.done?resolve(x.value):Promise.resolve(x.value).then(fulfilled,rejected);step((generator=generator.apply(__this,__arguments)).next())});var __this,__arguments,generator}}var prototype=Object.defineProperty,__getOwnPropDesc=Object.getOwnPropertyDescriptor;class DfxFontsFactory{static create(){return new DfxFonts(document)}}for(var decorator,decorators=[createSingleton()],target=DfxFontsFactory,key="create",kind=1,result=1{return __this=window,__arguments=null,generator=function*(){try{var noscript=document.querySelector("noscript.jsdfx-script");if(noscript){const imports=yield window.System.import(noscript.getAttribute("data-src"));Object.keys(imports).forEach(key=>{window[key]=imports[key]}),window.runStacked()}}catch(error){console.error(error)}},new Promise((resolve,reject)=>{var fulfilled=value=>{try{step(generator.next(value))}catch(e){reject(e)}},rejected=value=>{try{step(generator.throw(value))}catch(e){reject(e)}},step=x=>x.done?resolve(x.value):Promise.resolve(x.value).then(fulfilled,rejected);step((generator=generator.apply(__this,__arguments)).next())});var __this,__arguments,generator};document.addEventListener("turbo:load",()=>loadScripts()),window.turbo=Turbo,start(),DfxGeoLocationFactory.create().init(),exports.DfxGdprChecker=__getOwnPropDesc,exports.DfxGdprCheckerFactory=DfxGdprCheckerFactory,exports.DfxGeoLocationFactory=DfxGeoLocationFactory,exports.DfxThirdPartyManagerFactory=DfxThirdPartyManagerFactory,Object.defineProperty(exports,"__esModule",{value:!0})}(this.window=this.window||{});
Source link
element. This is probably not what you meant to do!
Load your application’s JavaScript bundle inside the 
