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Free AccessUSD/JPY Back From Wednesday’s Peak
USD/JPY flat in early Asia trade, last dealing just above Y114.10 after a pullback from Wednesday’s peak as U.S. Tsys found a base in NY hours.
- Note that the 61.8% retracement of the Nov 24-30 downleg (Y114.38) capped USD/JPY on Wednesday and acts as initial technical resistance after the breach of the Dec 15 high. Any break above that initial resistance would switch focus to the 76.4% retracement of the same downleg (Y114.81). Conversely, initial support comes in at the Dec 17 low (Y113.14).
- Thursday brings $1bn+ of option expiries at both Y113.70-80 & Y115.00 (come the 10AM NY cut), which could bookend price action if the intraday range widens out a little (although that isn’t expected in pre-Christmas trade).
- An address from BoJ Governor Kuroda headlines the Japanese docket on Thursday. Further afield, U.S. PCE & durable goods data will cross during NY hours.
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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.