Free Trial

USD/JPY recovered after shedding a.......>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY recovered after shedding a handful of pips as the Nikkei 225
opened on a softer note. The rate now trades at Y108.63, unch. on the day.
- Yesterday USD/JPY slipped under a trendline support, albeit rejected the
50-DMA for now. Global trade matters lent a helping hand to the yen, as U.S.
President Trump communicated no sense of urgency to wrap up a trade pact with
China, while his Commerce Sec Ross reiterated that Washington is ready to go
ahead with fresh tariffs on China if no breakthrough is achieved by Dec 15.
- A dip below the 50-DMA/23.6% retracement of the Aug 26 - Dec 2 rally at
Y108.50/49 would open up the Nov 21/14 lows of Y108.27/24. Conversely, bulls
keep an eye on the 200-DMA at Y108.89, followed by the Y109.00 round figure.
- Media outlets continue to telegraph fiscal rumours. A draft of Japan's
stimulus package seen by BBG reportedly calls for an improvement in
disaster-prevention infrastructure, extension of a cashless rebate program and
IT help for SMEs, but does not mention any numbers.
- The local data docket this week features earnings & spending figures, due
Friday. BoJ's Harada will make an appearance on Thursday.

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.