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(M2) Resistance Remains Intact

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USD Weaker; NZD Outperforms

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DOLLAR-YEN
DOLLAR-YEN: USD/JPY having a look back above Y107.00 in early Tokyo trade after
the rate peaked at Y107.23 on Thursday as Tsy yields surged and global equities
rallied on a combination of the latest Sino-U.S. trade developments and strong
headline U.S. data (although some of the underlying components were a little
more suspect than the headline readings in the ADP & non-m'fing ISM prints).
- Japanese wage and household consumption data has had no real impact on the
space, with markets looking to the broader risk backdrop, as well as the
upcoming NFP release & Fed Chair Powell's latest address.
- The 50-DMA (Y107.19) provides initial resistance for the pair, with any clear
break above there and yesterday's aforementioned high opening Y107.49, the 38.2%
retracement of the move from Y112.40 to 104.46.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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