Free Trial

USD/JPY was offered yesterday, even as...>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY was offered yesterday, even as positive news on the Covid-19
vaccine front supported wider risk appetite. The news was weighed against
persistent U.S.-China tensions over Hong Kong. The rate staged a rather shallow
rebound into the WMR fix, but still finished in negative territory.
- The touted decision to move Tokyo's alert level to the highest on a four-point
scale came to fruition on Wednesday, as new Covid-19 infections continue to
spread across the capital.
- Elsewhere, NHK reported that the gov't will seek opinions from experts on new
stimulus measures. The gov't's subcommittee for coronavirus matters will discuss
the subject today.
- USD/JPY last deals at Y106.90, marginally below neutral levels. Bears need a
dip through Jul 15/10 lows of Y106.67 before targeting Jun 23 low of Y106.07.
Conversely, a break above Jul 14 high of Y107.43 would allow bulls to take aim
at Jul 7 high of Y107.79.
- Little of note left on Japan's calendar this week, focus turns to
broader-picture risk events.

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.