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JPY
Selling pressure hits USD/JPY afresh, sending the pair through the Y134.00 round figure support to the lowest point since June 17. When this is being typed, the pair deals at Y133.66, down 61 pips on the day.
- In the absence of headline catalysts, the move seems driven by a breach of the 50-DMA, which may have inspired further position adjustment.
- Note that this moving average helped limit losses on Thursday and provided support during the rate's corrective pullback in May.
- There was talk of month-end flows applying some pressure to the yen earlier in the session, pushing USD/JPY slightly higher into the Tokyo fix, but those initial gains proved short-lived.
Fig. 1: USD/JPY
Source: MNI - Market News/Bloomberg
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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