FOREX: USD Index Softer, USD/JPY Eyeing Tuesday Lows, AU CPI Coming Up

• Gold has had a stellar start to 2025 and last week delivered the best weekly gains thus far.
• Gold gained +2.4% last week driven by a ‘safe-haven’ bid in the face of mounting tariff risks.
• This week has started no differently with news that President Trump intends to levy up to 25% tariffs on Colombia following the turning away of a flight from the US, deporting illegal immigrants.
• Gold closed Friday at US$2,770.58 and has given some of that back in early trading, down to $2,767.00
• Over the weekend Ghana’s released it’s trade surplus details, rising US$5bn, driven by a 50% increase in gold exports to $11.6bn. 

• Thailand to Sell 40 Billion Thb of 182-Days Bills
• MAS to Sell S$15.9 Billion 25-Day Bills
• MAS to Sell S$22.5 Billion 83-Day Bills
• Philippines To Sell PHP 7.0Bln 90D Bills (PH0000058463)
• Philippines To Sell PHP 7.0Bln 181D Bills (PH0000058935)
• Philippines To Sell PHP 8.0Bln 363D Bills (PH0000059818)
• Bank of Korea to Sell 1 Trillion Won 91-Day Bonds

• RES 3: 147.74 - High Jan 15 and bull trigger (cont)
• RES 2: 146.53 - High Aug 6 
• RES 1: 142.73/144.48 - High Dec 9 / High Nov 11  
• PRICE: 140.70 @ 15:52 GMT Jan 24
• SUP 1: 140.00 - Round number support
• SUP 2: 139.38 - 2.764 proj of the Aug 6 - Sep 3 - 9 price swing
• SUP 3: 138.87- 3.000 proj of the Aug 6 - Sep 3 - 9 price swing    

A clear downtrend in JGB futures remains intact and the latest fresh cycle lows reinforce this condition. Note too that moving average studies on the continuation chart are in a bear-mode setup, highlighting a clear downtrend. The move down exposes the 140.00 psychological handle next. For bulls, a reversal would open 142.73 and 144.48, the Dec 9 and Nov 11 high respectively. For now, short-term gains are considered corrective.