AceTraderFx Jul 24: Intra-Day Market Moving News and Views -USD/JPY
Intra-Day Market Moving News and Views
24 Jul 2018 03:10GMT
USD/JPY - 111.25… Dlr reclaimed 111.00 handle after yesterday’s intra-day selloff from 111.51 (Nealand Zealand) to 110.75 in hectic Tokyo trading as jump in JGB yields on media report the BoJ may tweak its policy at its next monetary meeting (Tuesday next week) triggered active yen buying, however, rising U.S. yields helped the greenback erase its intra-day losses n price later climbed to 111.54 in New York morning before easing.
Although st specs pushed price from 111.29 to 111.51 ahead of Tokyo open, dlr fell to intra-day low of 111.06 after PBOC set the yuan’s reference rate to a fresh near 1-year low, however, short covering lifted price to 111.25, suggesting choppy sideways swings are in store until European open.
AS mentioned in yesterday’s update, dlr’s selloff from last Thursday’s 6-month peak at 113.17 to 110.75 on Monday signals long-awaited correction of Medium Term uptrend has occured.
Downside bias remains for price to head back to 110.28 (July bottom), therefore, trading dlr from short side (our daily and weekly strategies are holding short usd positions) is recommended.
Offers are tipped at 111.45/45 with stops above 111.60.
Bids are noted at 111.10-00 and more below with stops below 110.70.
On the data front, U.S. will release Redbook sales, monthly home price, Markit mfg n services PMI n Richmond Fed mfg index.
