Free Trial

USD/JPY Tags Fresh Multi-Year Peak

JPY

The JPY can’t catch a break, with USD/JPY tagging a fresh multi-year high around the Tokyo fix, registering a peak of Y116.38 thus far, last ~20 pips higher on the day at Y116.35. There hasn’t been much in the way of meaningful headline flow, with Japanese Finance Minister Suzuki noting that the government isn’t looking at deploying an economic fiscal package at present, while it is keeping an eye on the impact of the price of oil re: households & firms. Note that the move has come even as domestic equities and e-mini futures move lower. With technical resistance at Y116.43/35 now breached; bulls switch focus to the 2.00 projection of the Apr-23-Jul 2-Aug 4 ’21 price swing (Y117.08).

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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.