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USDCAD TECHS

Heading North

GLOBAL POLITICAL RISK

Modi, AMLO Top Major Economy Leader Poll, Macron Last

AUDUSD TECHS

Under Pressure

EURJPY TECHS

Trend Condition Remains Bearish

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Positive risk appetite reduced demand for safe haven currencies on Wednesday, with USD/JPY making a round trip from a fresh four-year high. Greenback sales allowed the pair to move away from there and finish the day a handful of pips below neutral levels.

  • USD/JPY trades at Y114.35, a few pips higher on the day. A clearance of Nov 6, 2017 high of Y114.73 would turn bullish focus to Mar 10, 2017 high of Y115.51. On the flip side, bears would be pleased by a slide through Oct 15 low of Y113.65, which would expose Oct 12 low of Y113.00.
  • The latest round of opinion polls suggested that the ruling LDP will keep majority of seats in the lower house after the Oct 31 election, but it is unclear if they will maintain an "absolute majority" needed to dominate all standing committees. Much will depend on the outcomes of tight races in single-seat districts, where the opposition fielded joint candidates.
  • Final machine tool orders will be released out of Japan this afternoon. Friday's docket is headlined by national CPI & flash Jibun Bank PMIs.