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Equity Buoyancy Weighs On JPY

JPY

The JPY wasn't able to benefit from the broader dip in the USD on Tuesday, with equity markets moving higher, providing the usual round of support to the USD/JPY cross. Bulls have pushed the cross above last week's high to last deal 20 or so pips better off on the day, just shy of Y110.85, as they remain focused on the Mar 31 high/bull trigger (Y110.97), which also represents the YTD high. A break there would expose the 1.0% 10-DMA envelope, followed by the Mar 26 '20 high (Y111.30). Initial support is now located at the Jun 21 low (Y109.72)

  • Local news flow remains light, with a slower rate of expansion witnessed in the latest Japanese flash m'fing PMI print, while a deeper rate of contraction was seen in the services reading. Elsewhere, BoJ Gov. Kuroda met with Japanese PM Suga, although it seemed to be a routine catch up between the two, touching on BoJ policy and the broader global economy.
  • The broader risk tone will continue to set the pace on Wednesday.
Thursday has the following notable option expiries rolling off at the 10AM NY cut Y109.95-110.00($2.0bln), Y110.65-75($1.2bln-USD puts), Y111.20-30($1.6bln), Y111.75($1.4bln).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage

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