AceTraderFx Oct 10: Intra-Day Market Moving News and Views -USD/JPY
Intra-Day Market Moving News and Views
10 Oct 2018 03:00GMT
USD/JPY - 113.08… Dlr swung from initial gain to losses in choppy trading on Tuesday.
Despite rising from 112.94 (Asia) to intra-day high of 113.39 in European morning, price later ratcheted lower on safe-haven yen buying and later hit session lows of 112.87 in New York afternoon due to broad-based usd’s weakness on sharp retreat in U.S. yields where the benchmark 10-year yield fell from fresh 7-year highs of 3.2614% to 3.2025% (cira 3.2139%) b4 staging a recovery on short covering near the close.
Intra-day recovery due to cross unwinding in yen crosses suggests chopppy trading above Monday’s 10-day trough at 112.83 would continue, however, yesterday’s as well as intra-day broad-based usd’s weakness vs other G7 currencies (also vs Asian counterparts) suggests downside bias remains for recent decline to head lower to 112.56 but reckon 112.17 (previous res, now sup) would contain weakness.
Offers are tipped at 113.25/35 with stops above 113.55.
Bids are noted at 112.90-80 with stops below there.
On the data front, U.S. will later release MBA mortgage application, September PPI, core PPI, Redbook sales, wholesale inventories n wholesale sales.
Also, Chicago Fed President Evans (non-voter) will be speaking at a business conference at 16:15GMT n at 21:00GMT, Atlanta Fed’s Bostic (voter) will participate in a discussion at a business conference in Atlanta.