MNI China Daily Summary: Monday, July 29

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Narrow Ranges On Thursday, Natl CPI On Tap

JPY

USD/JPY prints at ¥149.75/80, the pair is little changed from opening levels.

  • On Thursday Yen see-sawed in a narrow range, there was little follow through on moves with USD/JPY observing a ¥149.70/90 range for the most part.
  • USDJPY is unchanged and continues to trade just below its recent trend highs. The outlook is bullish and Wednesday's short-lived pullback found support at the 20-day EMA.
  • Attention is on the 150.00 handle and the recent 150.16 high (Oct 3). A clear break of 150.00 would reinforce bullish conditions and open 150.40, a Fibonacci projection. On the downside, a breach of 147.43, Oct 3 low, would be an important bearish development.
  • On the wires in just over 1 hour we have September National CPI, a rise of 3.0% Y/Y is expected in the headline measure.
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