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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.
FOREX
- This morning's JPY moves and MOF communication come at a pivotal time for the JPY, after USDJPY briefly traded at the highest point since 1990 overnight, closely matching the highs from both 2022 and 2023 around 151.95 and potentially setting up a triple top formation on the long-term chart.
- Markets have largely shrugged off the BOJ’s exit from negative interest rates earlier this month, however, it’s interesting to frame this against the Swiss National Bank, whose monetary policy decision surprised in the opposite direction, and prompted a swift and substantial weakening of the Swiss Franc.
- This could place CHF in a particularly vulnerable position to further yen strength at this juncture, corroborated by CHFJPY trading below 167.00 this morning, and printing a fresh three-month low for the cross.
- There remains considerable potential downside for CHFJPY given the cross remains 21.5% above the 2023 lows, and the most obvious initial target for the continuation lower would be the 162.20 double bottom in December. Exponential moving average indicators have also turned bearish, with the 20-day EMA most recently crossing below its 50-day counterpart.
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.
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