Free Trial

USDJPY Extends Losses To -0.90% Amid Lower Yields

JPY
  • Fresh session highs for treasury futures are underpinning the relentless bid for the Japanese Yen on Wednesday. USDJPY slid back below the 145 mark on the disappointing US PMI data and had been consolidating near session lows before the most recent push to 144.54 as we approach the APAC crossover. Initial firm support lies at 144.17, the 20-day EMA.
  • Overall, the uptrend in USDJPY remains intact despite today’s weakness and the pair continues to trade closer to its recent highs. Last week’s move higher resulted in a break of the Jun 30 high, confirming a resumption of the uptrend. MA studies are in a bull mode condition, highlighting an uptrend. The focus on the topside remains 147.49, a Fibonacci projection.
  • US durable goods and jobless claims are Thursday’s data highlights, however, obvious focus will be on the Jackson Hole Symposium. Chair Powell’s task in his Jackson Hole keynote speech is to reaffirm the recent turn to a meeting-by-meeting, data-dependent approach to policy while emphasizing that the Fed intends to keep rates in restrictive territory for a lengthy period of time.

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.