AceTraderFx Feb 01: Intra-Day Market Moving News and Views -USD/JPY
Intra-Day Market Moving News and Views
Update Time: 01 Feb 2019 03:00GMT
USD/JPY - 108.87… Dlr pares yesterday’s losses in Asia due to intra-day usd’s strength and recovered to 108.97 in early Tokyo trading as bargaining hunting by Japanese importers bought the greenback after price hit a 2-week low in New York morning on Thursday.
Despite resumption of recent decline from January’s 110.00 high to 108.50 in New York yesterday, intra-day selloff in eur/usd triggered broad-based short covering in the buck, price rebounded to 108.94 in New York afternoon, then marginally to 108.97 in early Asian trading. As the rebound from 108.50 suggests temporary low has been made, range trading is in store in European morning, however, offers reported at 109.00/10 are likely to capped intra-day rebound and yield another fall later today.
For now, bids are noted at 108.70-60 with stops reported below 108.50, then 108.30.
All eyes are on the release of U.S. non-farm payrolls due out at 13:30GMT, market is expecting January reading to come in at 165K vs previous number of 312K, if actual figure comes in below estimate, then one can expect another round of usd bashing as this will confirm cautious (dovish) Fed statement released Wednesday on the U.S. economy.