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DOLLAR-YEN
DOLLAR-YEN: USD/JPY was offered yesterday, as tensions arising from public
criticisms of China over the coronavirus outbreak dented risk sentiment, with
signals of a spill-over into international trade matters. Beijing banned meat
from four Australian abattoirs, while some U.S. lawmakers drafted a "sanction
bill" vs. China. Wider worry about the Covid-19 situation was also evident.
USD/JPY sales resulted in a return below the 50-DMA/a former breakout level.
- The pair has inched higher this morning, moving away from yesterday's lows,
and last sits +8 pips at Y107.21. Bulls need a break above May 11 high of
Y107.77 before targeting Apr 16 & 17 highs of Y108.08. Bears would be pleased by
a pullback under May 11 low of Y106.40, towards the key support from May 6 & 7
lows ofY105.99.
- Looking ahead: Japan's BoP data & Eco Watchers Survey are due later today,
flash machine tool orders are due Thursday, while PPI comes out on Friday.
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com

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