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Yen Marginally Firmer In Early Trade

FOREX

The Yen has marginally firmed in early dealing on Wednesday, the move lower in USD/JPY came after Japanese Currency Chief Kanda noted that he wouldn't rule out any options if FX moves continue.

  • USD/JPY prints at ¥147.50/60, the pair was as low as ¥137.37 before paring losses in recent dealing. Technically the trend is bullish, resistance comes in at ¥147.73, high from 5 Sep, and ¥148.40, high from 4 Nov 22.
  • AUD is a touch softer however ranges remain narrow this morning. Technically the trend condition remains bearish; support comes in at yesterday's low ($0.6358) and 2.00 projection of the Jun 16-Jun 29-Jul 13 price swing ($0.6287). Resistance is at $0.6465, yesterday's high.
  • Kiwi is also softer, NZD/USD is down ~0.1% and a narrow range is persisting. Q2 Construction Work fell -0.1% Q/Q, a rise of 0.2% had been expected.
  • Cross asset wise; E-minis are softer, as is BBDXY. US Tsy Yields are ~1bp lower across the curve.
  • Q2 GDP data from Australia headlines the Asia-Pac session today, a rise of 0.4% Q/Q is expected. The release crosses in just under 1.25 hours.
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