MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: ECB Should Be Close To 2% In Next Quarters -Centeno

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI: US NOV IMPORT PRICES +0.1%

MNI: CANADA Q3 INDUSTRIAL CAPACITY UTILIZATION RATE 79.3%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Back Below Y108 as USD Under General Pressure

JPY
MNI (London)
  • Corrective pullback away from the Mar31 high of Y110.97 extended Friday to Y107.48 before bouncing back to Y108.15 into the 1600BST fix, drifting off to Y107.86 ahead of the close.
  • Early Asia saw rate retest Friday's bounce high only to turn lower again on reported off shore supply. Some demand at the Tokyo fix provided a mild counter before downside pressure returned to press rate down to Y107.65.
  • Asia traders continue to note Japan retail sector looking to buy USD/JPY in dips, suggested to be looking for higher yields with interest noted in TRY.
  • USD/JPY edged back to Y107.83, currently holding around Y107.80 in early Europe.
  • Support Y107.65 ahead of Friday's low of Y107.48. A break here to expose stronger support at Y107.25/23(Base of 1.0% 10-dma envelope/61.8% Y104.92-110.97).
  • Resistance Y108.00, Y108.15, stronger into Y108.30.
  • MNI: April's BoJ decision presents the polar opposite of the March meeting, with no expectations for movement in monetary policy settings. New board member Asahi Noguchi will vote on monetary policy matters for the first time, he sits in the reflationist camp. (Apr27)
  • More focus on Wednesday's FOMC
  • MNI Techs: USDJPY weakness extended once again Friday and the pair traded below pivot support at 107.77, the trendline drawn off the Jan 6 low. The breach strengthens the current bearish case and although the move lower is considered a correction, further downside appears likely. Price has also traded below 38.2% retracement of the Jan - Mar rally, this opens 106.78, the 50.0% level. Resistance is at 108.75, the 20-day EMA.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.