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Free AccessUSD/JPY meandered yesterday, wrapping....>
DOLLAR-YEN: USD/JPY meandered yesterday, wrapping up marginally shy of neutral
levels, as participants assessed matters surrounding the coronavirus crisis and
oil dynamics. This month has seen the rate fluctuate within a tightening range,
which leaves us waiting for any signals of an imminent breakout.
- The rate trades flat at Y107.76 this morning. A break above Apr 16 & 17 highs
of Y108.08 would bring the peak of Apr 6 at Y109.38 into view. Bears would be
pleased to see a drop below Apr 15/1 troughs at Y106.93/92, which would expose
the 50% retracement of the Mar 9 - 24 rally at Y106.45.
- Jiji reported that the BoJ considers loosening monetary policy. BBG carried
the headline, without providing further details so far.
- Japan's flash Jibun Bank PMIs will be released later today. Friday's national
CPI will conclude Japanese data releases for this week.
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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.