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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.
JPY
- Monitoring renewed sharp weakness for USDJPY, below 158.00 in recent trade.
- The pair had been trading around 158.75 before the sudden and significant drop, with the pair printing as low as 157.38 in price action very similar to the aftermath of the US data on Thursday.
- Asa reminder, Japan likely stepped into currency markets to prop up yen on Thursday, according to a Bloomberg analysis of central bank accounts. Scale of intervention was probably around ¥3.5 trillion ($22 billion), based on a comparison of Bank of Japan accounts and money broker forecasts. BOJ forecast its current account will probably fall ¥3.2 trillion due to government fiscal factors on next business day of Tuesday.
- Reversal signals on the chart pointing to an initial downside target of 156.83, a Fibonacci retracement.
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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