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Free AccessUSDJPY Lower As FOMC Minutes Weaken USD
The yen strengthened against the USD overnight to below 140 on the broader USD pullback. But JPY was one of the mid-range G10 performers. The USD weakened after the FOMC minutes signalled a slowing in the pace of tightening. USDJPY is now trading around 139.55 below the 100-day simple MA of 141.16.
- Lower US yields after the FOMC minutes and softer US PMI data also helped the yen. USDJPY still looks too low relative to yield differentials with the US.
- The short-term trend for USDJPY remains bearish but initial support is at 139.64, the November 18 low. Resistance to watch is 143.52, the 50-day EMA, and a break through this would signal the possibility of a stronger correction.
- Jibun Bank preliminary PMIs for November are published this morning. Department store sales for October also print. The US is closed for the Thanksgiving holiday.
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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.