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Free AccessJPY Atop G10 FX Pile, Tokyo Fix Demand Builds On Early Bid
Some Tokyo fix-related demand seems to have become for apparent for JPY, pushing USD/JPY to session lows of Y138.86, before a bit of a bounce back to prevailing levels of Y139.00.
- The COVID-related unrest in China flagged elsewhere has supported the JPY in early FX trade, leaving it atop the G10 FX pile.
- Weekend headline flow out of Japan wasn’t a market mover for JPY. BoJ Deputy Governor Amamiya addressed climate financing matters. Elsewhere, PM Kishida’s approval rating continued to crater in a couple of major opinions polls, while the Yomiuri reported that the Japanese government is set to draft a five-year defence spending plan that will total more than Y40tn.
- Technically, the picture hasn’t changed vs. the backend of last week. Short-term trend conditions in remain bearish. The reversal from Tuesday’s high of Y142.25 signals the end of the corrective bounce between Nov 15-22. Attention is on the bear trigger at Y137.68, the Nov 15 low where a break would confirm a resumption of the downtrend and open Y137.37, the Aug 29 low. Key short-term resistance is seen at Y142.25.
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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.