TEST FROM BANK OF CANADA, PLEASE IGNORE

MNI BRIEF: US Existing Home Sales Fall 5.4% To 3.89M In June

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI China Daily Summary: Tuesday, July 23

MNI: PBOC Net Drains CNY408.7 Bln Via OMO Tues

MNI: PBOC Sets Yuan Parity Lower At 7.1334 Tues; -1.30% Y/Y

US Treasury Auction Calendar

BoC Data Watch

EZ/UK T-Bill Calendar: 26-Week GTB Auction on Wednesday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USDJPY Remains Below The 50-Day EMA, US CPI In Focus

JPY
  • Given USDJPY’s sensitivity to movement in core yields and the key US inflation data due next Tuesday, the pair will naturally be in focus for currency traders next week.
  • Price action today and throughout the week has been centred around BOJ headlines which, while providing volatility, has not garnered any meaningful adjustment with the pair residing just 0.2% higher on the week.
    • The likely next governor of the Bank of Japan Kazuo Ueda is likely to support continued ultra-low rates as he studies the economy and price conditions, but could consider measures to restore the functioning of financial markets via tweaks to yield curve control policy, MNI understands.
  • Resistance at the 50-day exponential moving average remains intact, currently intersecting at 132.77. This average represents a key short-term level and a clear break is required to suggest scope for an extension higher that would expose 134.77, the Jan 6 high.
  • For now, the broader trend direction remains down and recent gains are considered corrective. Firm support to watch is at 128.09, the Feb 2 low and the bear trigger is at 127.23, the Jan 16 low - a break of which would resume the downtrend.
BulletMarketsForeign Exchange BulletsHomepage
BulletMarketsForeign Exchange BulletsHomepage

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.