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Free AccessMNI UK Inflation Insight: October 2024
MNI UK Inflation Insight: October 2024
USD/JPY Extends Streak of Higher Highs to Six Sessions
- Greenback strength still playing out in another session of higher highs for USD/JPY (this streak has now extended to six sessions), with the pair printing 154.71.
- Resultingly, trade weighted spot JPY measures also ebbing to new lows, to again test the mettle of the Japanese authorities. While the FSA/MoF/BoJ have been keen to stress that no absolute level will trigger intervention, sell-side consensus appears to be coalescing around Y160.00 as the next key test, a level at which markets currently assign a 7.4% chance of touching by the end of April - and a 3.3% chance of trading above.
- USD/JPY is unsurprisingly technically overbought on the 14-day RSI, however this gauge has traded higher on five separate occasions since the beginning of 2021, so may be no further barrier to a continued press higher in the pair.
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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.