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Free AccessLooking For Cues In Wake Of Tokyo Holiday
A lack of macro headline flow and a Japanese holiday limited USD/JPY to a narrow 21-pip range overnight, with the rate printing ~10 pips higher on the day at Y110.25 into European hours.
- We should also highlight that the closure of cash Tsys until the London open (owing to the aforementioned Tokyo holiday) has removed the traditional driver of the cross.
- Thursday saw the cross stick within a sub 40-pip range, with the richening in Tsys witnessed during the NY session anchoring the pair around the middle of the intraday range into the NY close.
- Our technical analyst highlights that the cross is holding onto this week's gains. Gains though are considered corrective and the pair remains vulnerable. Bears now look for a push below the 76.4% retracement of the April 23 to July 2 rally (Y108.47) to reassert control. Firm resistance is seen at the July 14 high (110.70), with the July 7 high (Y110.82) located just above. A break through that zone would expose the July 2 high/bull trigger (Y111.66)
- Eurozone PMIs may set the tone during European hours, as markets look for cues after a very limited Asia-Pac session.
- There is nothing in the way of notable option expiries to be aware of at today's 10AM NY cut.
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Why MNI
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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.