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EGB Supply For W/C July 18, 2022


(U2) Sinks Into the Close


W/C July 18, 2022


Trades Through The 20-Day EMA


A Little Firmer, No Surprises From BoJ

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DOLLAR-YEN: USD/JPY is steady at Y110.05 at typing after closing virtually
unchanged yesterday.
- The rate advanced into yesterday's Tokyo fix, as election results out of
Australia & a strong headline GDP print out of Japan helped revive risk
sentiment. However, USD/JPY gave away its earlier gains, as continuing Sino-U.S.
trade tensions remained in play, weighing on risk appetite.
- Worth highlighting that better than exp. Japanese GDP was underpinned by much
more questionable breakdown data, amidst the ongoing debate on whether Japan is
ready for the planned sales tax hike, scheduled for October.
- A break above the cloud base at Y110.32 would encourage bulls to set their
sights on the 100-DMA, which comes in at Y110.51, ahead of the 21-DMA at
Y110.65. Bears need a fall below Y110.00 before attempting a move at the
100-HMA/200-HMA at Y109.79/73.
- Today will see 1-10 Year Rinban ops from the BoJ, with Japanese core machine
orders & trade balance data coming up tomorrow, Nikkei m'fing PMI due Thursday
and national CPI due Friday. BoJ's Harada will speak tomorrow.

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