Sep 24, 2024 - 11:21 AM
FOREX: Significant Intra-Day JPY Swings Persist Amid Geo-Political Concerns
FOREX
- The punchy swings for the Japanese yen continue as the latest round of headlines regarding middle east tensions/escalation weigh on equities and provide support to the JPY.
- While most G10 currencies remain in positive territory against the Yen on Tuesday, we are well off session highs and EURJPY has printed 160.01 from the European session peak of 161.11 just a few hours ago. A cluster of resistance appears to be forming between 161.10/20, which will be monitored in coming sessions, as bearish technical conditions still dominate for the cross.
- USDJPY has slipped back below 144.00, however, the USD index remains little changed on the session, with just US consumer confidence on the data calendar. Potential comments from hawkish Fed dissenter Bowman will be monitored, while BoC Gov. Macklem participates in a fireside chat.
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