MNI China Daily Summary: Monday, November 25

MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 22

MNI: PBOC Net Injects CNY76.7 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1918 Mon; -1.35% Y/Y

CHINA PRESS: Yuan To Reach 17% Of Global Payments By 2035

EZ/UK Bond Supply Calendar: Gilt Syndi; IT, DE Due on Tuesday

MNI: GERMANY NOV IFO BUSINESS CLIMATE INDEX 85.7

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USD/JPY Momentum Fades Ahead of Y109.00

JPY
MNI (London)
  • Corrective pullback away from Tuesday's high of Y109.23 extended to Y108.34 Wednesday as US yields pared recent gains following release of softer than forecast US CPI data, with a US 10-yr note auction better than expected.
  • Rate picked up mild demand at the Asia open only to be sold back to Y108.36 at the Tokyo open before rate picked up stronger bid interest. Rate met initial resistance at Y108.60 before breaking above ahead of the European open to trade at Y108.81.
  • Resistance noted at Y108.95/109.05, a break to expose the recent high at Y109.23 ahead of Y109.56(76.4% 111.71-102.59) and Y109.78(1.618% swing Y109.23-108.34). Support noted into Y108.30, stronger between Y108.10/00 then Y107.82(see MNI Techs below).
  • MNI Techs: USDJPY outlook is unchanged and remains bullish. The pair is again approaching the 109.00 handle and attention is on Tuesday's high of 109.23. Clearance of this hurdle would confirm a resumption of the uptrend with scope for Y109.56, a key retracement level. Momentum studies are in overbought territory however this is still not having an impact on the trend and instead reinforces the bullish sentiment. Support is at Y107.82, Mar 5 low.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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.