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Free Access*Sep20 dollar-yen open Y111.59, range...>
YEN SUMMARY: *Sep20 dollar-yen open Y111.59, range Y111.45 to Y111.65
*Dollar-yen opened in Asia at toward the middle of the Y111.20 to Y111.88 range
witnessed yesterday, where consolidation was the main theme.
*Asia was largely marking time ahead of today's FOMC, however, fix related
demand saw the dollar rise from around Y111.50 to Y111.65
*Modest dollar weakness on softer US rate yield then pushed the rate down to
Y111.45, but the move lower was somewhat negated by euro-yen demand
*For the balance of the session the dollar held a Y111.45-55 range
*Initial resistance lies at Y111.88 (Sep19 high), with Japanese exporter supply
reported at and above Y112.00, while support is being found near to the 100-dma,
currently at Y111.13.
*FOMC is the main focus ahead, with investors eying a potential start of
normalization of the Fed's $4.5 trillion balance sheet
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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.