AceTraderFx May 30: Intra-Day Market Moving News and Views -USD/JPY
Intra-Day Market Moving News and Views
30 May 2018 03:25GMT
USD/JPY - 108.62.. Dlr swung broadly sideways in nervous trading in Asia following yesterday's selloff to a 5-week trough of 108.12 in New York afternoon.
Although the pair staged a short-covering rally from European low of 108.43 to 109.10 in New York morning, traders bought the safe-have yen broadly after U.S. said will continue to pursue action on trade with Beijing, falling U.S. yields where benchmark 10-year yield hit 6-week lows of 2.759% together with decline in U.S. equities (the Dow closed down 1.5% at 24361) knocked price down to 108.12 before recovering to 108.79 at the close.
Despite initial retreat to 108.35 ahead of Tokyo open, intra-day minor bounce in Asia on recovery in U.S. yields suggests choppy sideways swings above 108.12 would continue and intra-day players can trade dlr from both sideways of the market.
However, day traders should still sell the greenback on corrective rally as Asian stocks are deeply in the red and reckon 109.00/10 should cap upside.
For now, bids are noted at 108.40-35 with stops below 108.10.
Offers are tipped at 108.75/80 and more above with stops touted above 109.15/20.
If market does normalise later in the day, traders will pay attention to release of a slew of U.S. eco. data starting with the volatile U.S. ADP private payrolls, A1 GDP, core PCE, goods balance, wholesale inventories, Redbook retail sales n last but not least, Fed beige book.