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Focus on Fed Speak For Next Direction.

JPY
MNI (London)
  • Recovery off Tuesday's low of Y104.92 extends on to Y105.58 into early European trade this morning.
  • Expect some resistance into Y105.60/70, a break to expose the recent high at Y105.85 with the 76.4% retrace level, of the recent move down from Y106.22 to Y104.92, coming in close behind at Y105.91.
  • Talk in Asia that the Japanese retail sector went long into the recent dip below Y105.00, said likely to take profit between Y105.80/106.00.
  • UST yields and Fed speak remain key drivers. Fed Powell reappears today for the second part of his testimony, same speech different Q&A, with focus also on Fed Brainard and Clarida.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
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MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
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