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JPY Slips to Lowest Levels of the Day

JPY

JPY sales helping push USD/JPY to the best levels of the session in recent trade, with pair now narrowing in on Jul14 high and first resistance at 110.70.

  • Any break above here could initially open the 1.0% 10-dma envelope at 111.22 as well as narrow the gap with largest option in the pair due to roll off today: $500mln at 110.75.
  • US PMI data takes focus going forward, with the flash reading expected to slow very slightly from previous at 62.0 for manufacturing, 64.5 for services.

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