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Free AccessUS Dollar Drags USD/JPY Down; BoJ Eyed
USD/JPY fell as US dollar weakness hit the pair. The greenback was once again the poorest performer in G10, with decent risk appetite in equity space sapping the USD of any safe haven status. Market focus remains on US stimulus deal prospects, with reports suggesting that differences are continuing to narrow, with just the final details remaining in a package worth up to $900bln.
- USD/JPY last flat on the session at 103.18 after dropping as low as 102.88 on Thursday.
- Earlier there were reports from Yomiuri that the Japanese government plans to issue approximately JPY 43.6t of bonds in 2020/21 to fund its proposed JPY 106.6t budget.
- Markets await the BoJ decision expected from 0230GMT/0925ST. The Bank is set to leave its benchmark interest rate, 10-Year JGB yield target and broader asset purchase schemes unchanged. The Bank is also set to reaffirm its own brand of forward guidance, alongside its willingness to provide further easing, if required. We should expect the traditional dovish dissent from board member Kataoka.
- USD/JPY continues to weaken following Wednesday's break of support at 103.18. Nov 6 low. This has confirmed a resumption of the underlying downtrend that started late March. The next objective is set at 102.75, the 1.00 projection of the Oct 7 - Nov 6 downleg from the Nov 11 high. Further out the break lower opens 102.00 and below. Nov 6 low. On the upside, initial resistance is at Thursday's high of 103.56.
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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.