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Narrow Ranges In Asia, Fresh YTD High For USD/JPY

FOREX

Narrow ranges have persisted across much of G-10 FX on Thursday in Asia. USD/JPY firmed in early dealing printing a fresh YTD high however gains were pared and the pair sits little changed.

  • USD/JPY printed its highest level since Nov 2022 at ¥147.87 in early dealing before ticking away from session highs as US Tsy Yields unwound a marginal move higher. The trend condition in USD/JPY remains bullish resistance is at ¥148.40, high Nov 4 2022. Support comes in at ¥145.52 the 20-Day EMA.
  • AUD/USD is marginally lower down ~0.2%, however recent lows remain intact for now as ranges have been narrow today. Support comes in at $0.6357, yesterday's low and $0.6287, 2.00 projection of Jun 16-Jun29-Jul 13 price swings.
  • Kiwi is little changed, NZD/USD was pressured alongside the move higher in USD/JPY however support came in ahead of YTD lows and NZD/USD now prints close to opening levels at $0.5870/75. A $0.5865/85 range has been observed.
  • Elsewhere in G-10; EUR and GBP are little changed, there has been little follow through on moves thus far.
  • Cross asset wise; E-minis are a touch lower and the Hang Seng is down ~1%. US Tsy Yields are little changed across the curve.
  • German Industrial Production and Eurozone GDP provide the highlights in Europe today.

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