Free Trial

USD/JPY last deals at Y110.05, 5 pips....>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY last deals at Y110.05, 5 pips worse off.
- A flight to safety inspired by the escalating Sino-U.S. trade war and
resultant underperformance of Asia-Pac equities provided a tailwind for JPY in
yesterday's Tokyo session. Safe haven demand continued to support JPY, albeit to
a lesser degree, allowing USD/JPY to show below Y110.00 several times, but USD's
recovery stood in the way of a close below the figure. Nonetheless, USD/JPY
finished 16 pips lower, with the yen atop the G10 pile.
- The downside focus remains on Y110.00 and below here would expose the lower
1.0% 10-DMA envelope at Y109.87. A further dip through the Mar 25 low of Y109.71
would suggest that a large double top formation is in play. Meanwhile, bulls
look to Y110.57, which represents the 100-DMA.
- Japanese consumer confidence index comes out later today, with focus also on
the BoJ 5-10 Rinban ops. Elsewhere, the Summary of Opinions from the latest BoJ
MonPol meeting will be released tomorrow.

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.