MNI China Daily Summary: Monday, Aug 19

CORRECTED-MNI RIKSBANK WATCH: August Cut On Cards

MNI: China CFETS Yuan Index Down 0.14% In Week of Aug 16

MNI: PBOC Net Drains CNY22.4 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1415 Mon; +1.99% Y/Y

CHINA PBOC CONDUCTS CNY52.1 BILLION VIA 7-DAY REVERSE REPOS MON

Headline Consumer Sentiment Softens, House Price Expectations Rise Further

EZ/UK Bond Supply Calendar: Finland Syndi; Green Bunds Due Tues

CBRT Data Watch

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Price Signal Summary - Bounce In USDJPY Appears To Be A Correction

OUTLOOK
  • In FX, EURUSD is in consolidation mode and for now, maintains a softer tone. The pair is testing support at 1.0774, the 50-day EMA and an important short-term pivot support. A clear break of this average would strengthen a bearish theme and open 1.0693, the Nov 14 low. On the upside, a strong reversal higher is required to refocus attention on key resistance and the bull trigger at 1.1017. Initial resistance is at 1.0827, Tuesday’s high.
  • GBPUSD continues to trade inside a tight range. The trend outlook remains bullish and the recent pullback is considered corrective. Moving average studies are in a bull-mode set-up, highlighting a rising trend. Initial firm support to watch is 1.2540, the 20-day EMA. It has been pierced, a clear break would signal expose 1.2455, the 50-day EMA. Key resistance and the bull trigger has been defined at 1.2733, the Nov 29 high.
  • USDJPY has recovered from its recent low of 141.71 on Dec 7. Short-term gains are considered corrective with key short-term resistance at 147.32, the Dec 7 high. A clear break of this level would undermine the bearish theme. Last week’s impulsive sell-off confirmed the break of trendline support drawn from the Mar 24 low. This strengthens a bearish threat and signals scope for a continuation lower towards 140.71 next, a Fibonacci retracement point.
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

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.