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Free AccessUD/JPY slipped Wednesday amid............>
DOLLAR-YEN: UD/JPY slipped Wednesday amid questions surrounding U.S.-China trade
matters. Participants showed concern re: the aftermath of phase-one deal and
took note of what was missing in the signed document. USD/JPY extended its
retreat from multi-month highs printed on Tuesday, but stuck to a fairly tight,
22 pip range.
- The rate last trades at Y109.88, barely changed on the day. It has shrugged
off domestic data releases, including in-line PPI figures & better than forecast
core machine orders.
- From a technical perspective, the outlook remains bullish albeit the
appearance of a shooting star candlestick on the intraday chart on Tuesday may
be worrying for bulls. A sustained fall below the Jan 13/10 lows of Y109.45/44
would shift the focus to the Jan 9 low of Y109.01. Bull need a jump above the
high of Jan 14 at Y110.21 to regain some poise & bring the May 23 peak at
Y110.36 into view.
To read the full story
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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.