MNI China Daily Summary: Friday, July 5

MNI BRIEF: PBOC Plans To Borrow Hundred Bln Yuan CGB - Press

MNI BRIEF: BOJ Consumption Activity Index Flat M/M In May

MNI: PBOC Net Drains CNY48 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1289 Fri; -0.35% Y/Y

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: EUROZONE MAY RETAIL SALES +0.1% M/M, +0.3% Y/Y

Retail Trade Broadly In-Line With Consensus

Weak manufacturing in France and Germany in May; energy production up

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Bearish Focus

USDJPY TECHS
  • RES 4: 104.76 High Nov 24 and key S/T resistance
  • RES 3: 104.28 High Dec 11
  • RES 2: 103.96 20-day EMA
  • RES 1: 103.89 High Dec 21
  • PRICE: 103.45 @ 15:57 GMT Dec 21
  • SUP 1: 102.88 Low Dec 17
  • SUP 2: 102.75 1.00 proj of Oct 7 - Nov 6 downleg from Nov 11 high
  • SUP 3: 102.02 Low Mar 10
  • SUP 4: 101.63 1.236 proj of Oct 7 - Nov 6 downleg from Nov 11 high

USDJPY traded lower Dec 17 and cleared support at 103.18. Nov 6 low. This confirms a resumption of the underlying downtrend that started late March. The next objective is set at 102.75, the 1.00 projection of the Oct 7 - Nov 6 downleg from the Nov 11 high. Further out the break lower opens 102.00 and below. Nov 6 low. On the upside, price cleared initial resistance at Thursday's high of 103.59. This opens the 20-day EMA at 103.96 as the next target.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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