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USD/JPY's failure to build on gains......>

DOLLAR-YEN: USD/JPY's failure to build on gains above Y111.50 with added USD
sales following poor U.S. data/relatively dovish remarks from Fed's Williams,
shifted the pair's short-term outlook back to neutral again.
- Late headlines on Thursday pointed to Pres. Trump hinting to the WSJ that a
trade fight with Japan "could be next," which saw USD/JPY make a new session low
(Y110.52), but upon second glance the article was less inflammatory than the
headlines. The rate has breached Thursday's low in early Asia-Pacific dealing,
last trading just below Y110.50.
- From a technical perspective a close above yesterday's high (Y111.76) would
see bulls regain the upper hand and focus on the July 19 high (Y113.17). Bears
continue to look for a clean break below the 100-DMA (Y110.50), to open up the
200-DMA & August lows (109.82/78).
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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