MNI China Daily Summary: Wednesday, June 19

MNI BRIEF: Rate Changes Affect Eurozone More Than US Firms-ECB

MNI BRIEF: BOJ May Real Export Index Drops 1.4% M/M

MNI BRIEF: PBOC, MOF To Promote Treasury Trades Progressively

MNI: PBOC Net Injects CNY276 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY278 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: US NAHB HOUSING MARKET INDEX 43 IN JUN

US MBA: REFIS -0.4% SA; PURCH INDEX +2% SA THRU JUNE 14 WK

MNI: US MBA: MARKET COMPOSITE +0.9% SA THRU JUN 14 WK

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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

USD/JPY Firm, Y109.00 Next Upside Hurdle

JPY
MNI (London)
  • USD/JPY touched a high of Y108.96 in early NY Wednesday, only to ease off to Y108.66 through the NY afternoon, closing the day at Y108.73
  • Early consolidation ahead of the Tokyo open before JPY cross demand emerged that pushed USD/JPY through its Wednesday high and on to Y108.99 before meeting headwind resistance.
  • Rate dipped to Y108.87 before it regained poise and had edged back to Y109.00 into Europe.
  • Rate seen well supported, with leverage accounts wanting to reduce shorts in the Y108.50 area, with Japanese retail accounts also said to be interested in moving into dips.
  • Resistance Y109.00 (61.8% 109.36-108.41) ahead of Y109.14(76.4%), a break to bring recent highs at Y109.33/36 back into play. Above exposes Y109.56(76.4% 111.71-102.59).
  • Traders note that the Y109.25-50 area holds the strikes of $2.2bln of option expiries for today's NY cut. Support Y108.60/40.
  • MNI Techs: USDJPY is slightly firmer but remains within its recent range. Trend conditions remain bullish. Attention is on 109.56, a key retracement where a break would reinforce bullish sentiment. Momentum studies are overbought however this condition is still not having an impact on the trend and instead, the set-up reinforces the current bullish theme. Support to watch is at 108.34, Mar 10 low. A break would signal a possible top and a correction.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign 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.