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(X2) Outlook Remains Bullish


W/C 20 June, 2022


Crude Resumes Weekly Fall

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DOLLAR-YEN: USD/JPY has added 5 pips or so and last trades at Y108.51 after
whip-sawing yesterday on the back of fluctuations in risk sentiment.
- Bulls look to the 21-DMA at Y108.90, bears eye the uptrend support at Y108.10.
- Tuesday's Asia-Pac session saw the pair decline on the back of broader
risk-off flows noted amid weaker than exp. Australian house price index,
cautious comments from BoJ Gov Kuroda and the latest RBA minutes, which noted
that members see further rate cuts "more likely than not."
- An uptick in the European morning was followed by a dip to the intraday low of
Y108.06 as Kyoto News cited several Tsunami warnings.
- However, U.S. Pres Trump's confirmation that he will hold an "extended
meeting" with Chinese Pres Xi at the G20 summit prompted USD/JPY to jump.
- Gains were trimmed into the WMR fix, with the move extended on reports that
White House explored the legality of demoting Fed Chair Powell. The bulk of the
dip was retraced almost immediately, but the rate finished 10 pips worse off.
- Japanese trade balance and a speech from BoJ's Eto are due later today, with
CPI & m'fing PMI (p) due Fri. The BoJ will deliver its MonPol decision on Weds.

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