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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.
JPY
USD/JPY prints a fresh session low of Y149.61 in early London trade, before a move back to Y149.75. some light selling in global bonds limits the JPY.
- JPY tops the G10 FX performance table.
- Our technical analyst believes that the trend outlook remains bullish and today’s sell-off - for now - appears to be a correction.
- Recent price action seems to represent a bull flag formation.
- The ’24 high (Y150.89) presents initial resistance.
- Initial support at the 20-day EMA (Y149.63) was tested. A clean break would expose the 50-day EMA (Y148.21).
- Tokyo hours saw the JPY rally on the back of some hawkish comments from BoJ’s Takata, who pointed to the Bank’s inflation target being within sight.
- Takata’s pushback against the idea of a brisk start to the tightening cycle then limited the yen’s advance.
- Desks suggested that Tokyo JPY interbank volumes were two times the recent norms on the back of Takata’s comments, while broader FX activity was comfortably below par.
- Friday’s Japanese data releases aren’t usually market movers.
- That will leave focus on yield differentials and European/NY digestion of Takata’s remarks.
Fig.1: USD/JPY
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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.
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