JPY buyers dominate as flight to safety flows push the currency higher

The JPY is surging against all the major currencies as flight to safety flows push funds in that direction. Concerns about First Republic/banking crisis is a catalyst although the USD is also higher (for the same reason).

The biggest mover is the AUDJPY which is down -1.77% which is the largest percentage move in that pair since December 2022 when the price fell over 4%.

Looking at the daily chart of the AUDJPY, the price is dipping below the 50% midpoint of the move up from the August 2021 low to the September 2022 high. That level comes in at 88.413. The price is currently trading at 88.34. Just last week, the price was trying to move above its 100 day moving average at 90.364 (blue line on chart below). The price closed above that key moving average – but just barely – on both Wednesday and Thursday before falling lower on Friday. Back in February, the highs for the month stalled right at the 200 day MA (green line in the chart above), keeping the sellers in control.

The CADJPY is also moving sharply lower. It has moved 1.34% on the day.

Looking at its daily chart, it is breaking below its 100 day MA at 98.288 and looking to test the 50% midpoint of the move up from the August 2021 low to the September 2022 high. That comes in at 97.59 and is the next key downside target for the pair.

The USDJPY is also lower but less so than the other currencies. It is down -0.80% currently.

Looking at the hourly chart below, the pair today moved below the upward sloping trend line, and a swimming area between 133.70 and 133.87. The pair has also dipped briefly below the 38.2% retracement of the move up from the April low to the April high. That level comes in at 133.395. The low price reach 133.358 before bouncing back to the upside. The current price trades at 133.50.