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Free AccessUSD/JPY picked up a bid yesterday,.......>
DOLLAR-YEN: USD/JPY picked up a bid yesterday, threatening to attack the Y108.00
mark. A failure to challenge that level entailed a pullback, but the rate still
finished the day slightly higher. Broader focus fell on flaring U.S.-China
tensions. In Japan, participants assessed the new stimulus package approved &
unveiled by the gov't. Officials will roll out Y117tn worth of measures financed
by the second extra budget, the largest one on record.
- USD/JPY sits at Y107.76, a touch higher on the day. Bulls look for a break
above Apr 16 & 17/May 19 highs of Y108.08/09 before taking aim at Apr 10 high of
Y108.59. Bears see May 19 low of Y107.30 as their initial target, followed by
May 13 low of Y106.74.
- Looking ahead, Japanese unemployment, retail sales, flash industrial output,
Tokyo CPI & housing starts are all due on Friday.
To read the full story
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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.