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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.
CNH
Wednesday's rally took CNH/JPY above the 76.4% recovery of the 2018 - 2020 sell-off at Y16.8266, which limited gains in mid-March. The RSI has not yet entered overbought territory, but worth adding that it is struggling to print higher highs, even as a bearish divergence already developed in Feb/Mar. The pair had a brief look just above yesterday's cycle high but has eased off thereafter and last sits -300 pips at Y16.8370.
- The nearby round figure of Y17.0000 provides the initial bullish target and a break here would expose Jun 13, 2018 high of Y17.3155, followed by May 22, 2018 high of Y17.4895. On the flip side, a retreat under Mar 24 low of Y16.6192 would reignite bearish momentum, clearing the way to the 50-DMA, which intersects at Y16.4749.
Fig. 1: CNH/JPY
Source: MNI - Market News/Bloomberg
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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