FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

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

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

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

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

Continues to Claw Higher

JPY
MNI (London)
  • Thursday's break above Y104.20 did indeed bring pressure to bear on the reported resistance area between Y104.40/50, USD/JPY touching a high Thursday of Y104.46 before it eased off to Y104.17, closing the day at Y104.26.
  • General USD demand in Asia, some linking this to another round of risk position paring, as well as suggestions that month-end interest could see USD/JPY demand emerge and demand linked to Saturday's Goto-bi date.
  • Rate extended its recovery to Y104.57(Y104.58 Dec01-10 high) in early Tokyo before momentum faded and rate settled around Y104.50 into Europe.
  • Break of Y104.60 to expose Y104.75/76 ahead of stronger area between Y104.95/105.15. Support Y104.40 ahead of Y104.20/15 and Y104.00.
  • MNI Techs: USDJPY is bullish. The pair traded higher Wednesday resulting in a break of a bear channel resistance drawn off the Mar 2020 high. Resistance at 104.40 gave way Thursday, confirming a resumption of the uptrend that started Jan 6 and this reinforces the significance of the channel breakout. It also signals an important shift in sentiment and open levels not seen since November. The focus is on 104.76, Nov 24 low. Support is at 103.88, the former channel top.
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.