FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USD/JPY Extending Longest Losing Streak Since November

JPY
  • USD/JPY already securing the sixth consecutive session of lower lows today, with the losing streak extending through the 50-dma support and swinging the 14-day RSI closer to technically oversold territory (although not there yet, RSI currently at 37 points - lowest since January).
  • This marks the longest streak of lower lows since early November last year - a week or two after the last confirmed Japanese FX intervention on 24th October. In early November, lower lows were printed over 8 sessions, spanning a fall of over 7% in the pair.
  • Rate differentials and a touted unwind of JPY shorts remain largely responsible for the move - the last CFTC CoT report (as of July 4th close) showed speculators holding the largest net short JPY position since 2018.
  • Support undercuts ahead at 139.18, the 38.2% retracement of the Mar 24 - Jun 30 bull leg and the Jun 9 low of 138.76.
Homepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Homepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

To read the full story

Close

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.