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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.
JPY
- USDJPY remains under pressure on Thursday, extending the pullback from Tuesday’s high of 137.77 high to over 400 pips. Price has breached initial support at the 20-day EMA which intersected at 134.43 and has now crossed the 50-day EMA which lies at 133.84.
- Price action may now focus on last Friday’s, BOJ day, lows at 133.38. A clear breach of this support zone would undermine the recent bullish theme and signal scope for a deeper pullback.
- With the key driver remaining the downward pressure on front-end US yields and the accumulation of Fed rate cut pricing later this year, emphasis will be on the latest US jobs data before the weekend close.
- Bloomberg consensus looks for further moderation in payrolls growth in April with the +182k estimate its softest since Dec’20, with less clear-cut potential impacts from weather and seasonal adjustment this month.
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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