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Free AccessUSD/JPY Hits Fresh Highs, Albeit In Tight Ranges, July Jobless Rate Out Today
Yen underperformed broader USD softness post the Asia close on Monday. USD/JPY got to fresh highs for the year around ~146.75 in NY trade, but was largely range bound for the most part. We sit back at 146.55 in the first part of dealing today, with dips back to the 146.25/35 region supported. Yen was -0.07% weaker for Monday's session.
- Technically, the focus remains on the upside in the pair. 147.49 is a Fibonacci projection, while support to watch lies at 144.58, the 20-day EMA. A break of this average is required to highlight a short-term top. On the sell-side Goldman Sachs raised its 6 month ahead forecast for USD/JPY to 155 (from 135 prior, see this link)
- In the cross asset space, signals were mixed for yen on Monday. US yields pullback across the curve, both the 2yr and 10yr down 3bps. However, a better equity tone in both EU and US markets aided broader risk appetite.
- Yen finished weaker against high beta FX, most notably the AUD. AUD/JPY sits close to recent highs, last near 94.20.
- On the data front today we have the July jobless rate (2.5% forecast, same as the prior month) and the job-to-applicant ratio (1.30 projected).
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Why MNI
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