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DOLLAR-YEN: A BBG report stating that the "U.S. is holding off on a decision
about licenses for U.S. companies to restart business with Huawei" hit the wires
early doors, sapping risk appetite. USD/JPY slid to Y105.73 in the initial
reaction, before slightly correcting the move. The pair last sits at Y105.82, 25
pips lower on the day.
- On Thursday, USD/JPY ebbed lower from the off before trimming losses on a
stronger than exp. PBoC fix. However, after failing to breach the Y106.30
barrier, it eased off, with some pressure on USD noted in U.S. hours as U.S.
Pres Trump expressed dissatisfaction with dollar strength. As a result, the rate
finished 20 pips shy of opening levels.
- The cycle low of Y105.50 touched on Aug 7 draws the initial bearish attention.
A break under the figure would clear the way to Y105.00, which has remained
intact since the Jan 3 flash crash. Bulls look to recoup Y106.00, which hosts
the lower 1.0% 10-DMA envelope. Above would give them a green light for
targeting the 100-HMA at Y106.17.
- Flash GDP numbers for Q2 will be released out of Japan later today.