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USD/JPY Stabilises After Four Days Of Gains

DOLLAR-YEN

USD/JPY ground higher yesterday, as participants shied away from safe haven currencies, amid a broader recovery in sentiment and a move higher in U.S. Tsy yields. The rate extended its winning streak to four consecutive days, attacking the 50-DMA in the process.

  • The pair continues to flirt with the 50-DMA, as it trades -6 pips at Y106.85. Bears look for a drop through Aug 6 low of Y105.30, towards Jul 31 low of Y104.19. Bulls would be pleased by a move through the 100-DMA at Y107.23, which would open up the upper 2.0% Bollinger band at Y107.62.
  • The Nikkei reported today that Kubota wwill spend up to Y10bn to build a construction equipment plant in the U.S.
  • Coming up today we have Japanese PPI data.
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