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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.
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Free AccessSnap Election Could Be On The Cards
A stronger greenback pushed USD/JPY to highs of 109.88 before USD gave back gains and saw the pair drop to 109.56 at the close. The pair last up 6 pips at 109.62.
- Recent headline flow from the Asahi suggested that PM Suga is likely to call a snap election in the Autumn, after the end of Paralympic games. The report also suggested that the government is considering compiling a new stimulus package ahead of the snap election.
- From a technical perspective USD/JPY outlook remains bullish and the move lower from last week's high is still considered corrective. Gains last week confirmed a resumption of the recovery that started Apr 23. The pair probed 110.15, a Fibonacci retracement. This opens the year high print of 110.97 from Mar 31 where a break would confirm a resumption of the uptrend. Key S/T support has been defined at 108.56, Low May 25. Moving average studies remain in bull mode.
- On the domestic economic docket today is the final May Jibun Bank Services PMI as well as the BoJ Rinban Ops.
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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.