MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI: BOJ Tankan: Key Sentiment Rises, Solid Capex Plans

MNI BOJ DEC TANKAN LARGE MFG INDEX +14; SEPT 13; MEDIAN +12

MNI INTERVIEW2: Poland To Push For EU Defence Fund

MNI BRIEF: Trump Likely To Let Powell Serve Full Term-Moore

MNI: UK DEC GFK CONSUMER CONFIDENCE INDEX -17

EZ/UK Bond Supply Calendar: Belgium ORI Facility on Friday

US EIA:NAT GAS STORAGE -190 BCF TO 3,747 BCF DEC 06 WK

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

USD/JPY Remains Heavy Below Y104.00-10.

JPY
MNI (London)
  • USD/JPY Continued to grind lower through Wednesday's session to a low of Y103.65 into the 1600GMT fix, recovering to Y103.88 ahead of its Y103.82 close.
  • USD opened firm in Asia, as recent risk appetite faded on COVID spread(Tokyo reporting increased infections) which took USD/JPY to an early Tokyo high of Y103.98. Asian traders have suggested leverage interest likely to be in place between Y104.00-10.
  • Rate eased back to Y103.72 before it picked up fresh demand, lifting it to Y103.92 in early Europe.
  • Support Y103.72, Y103.65 ahead of Y103.50. Resistance, as stated, seen between Y104.00-10 ahead of Y104.20 and Y104.50.
  • Recent reports have suggested that IMM and leverage accounts have increased their short USD/JPY positions, whilst major banks have been recommending this trade.
  • Asian traders have been a little surprised that no comment so far heard from Japanese officials concerning recent JPY strength but suggest they will be watching.
  • MNI Techs: USDJPY continues to retrace the Nov 9 rally. The outlook is bullish though based on the Nov 9 price action. In candle terms, the price pattern on this day is a bullish engulfing line signalling a potential reversal. A break of 105.68, Nov 11 high would reinforce a bullish set-up trigger stronger gains exposing the 100-dma at 105.71 and the early October highs of 106.11. Key support is at 103.18, Nov 6 low. A break would reinstate a bearish theme.
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.