AceTraderFx Sept 04: Intra-Day Market Moving News and Views -USD/JPY
Intra-Day Market Moving News and Views
04 Sept 2018 03:00GMT
USD/JPY - 111.09… Dlr continues to orbit 111.00 handle in choppy Tokyo trading in early trading on Tuesday after going through a mini roller-coaster rise yesterday.
Despite initial marginal gain to 111.19 (New Zealand) on Monday, price fell to 110.85 in Asia on renewed cross-buying yen, however, renewed usd’s broad-based strength in European morning later lifted price to 111.17 before moving narrowly in holiday-thinned N. American session as markets in both U.S. and Canada were closed for Labor Day holiday.
Looks like further sideways swings above Friday’s 1-week trough at 110.69 would continue, however, weakness in EM currencies (keep an eye on the Turkish lira in Europe) plus lingering global trade tensions should trigger another round of yen buying later in the day, so selling the pair on recovery is favoured.
Offers are tipped at 111.15/20 with stops above 111.35/40.
Bids are noted at 110.90-85 and more below with stops below 110.65.
On the data front, U.S. will release Markeit mfg PMI, construction spending, ISM mfg PMI and Chicago Fed President Evans (non-voter) will speak at 14:30GMT.