AceTraderFx Aug 09: Intra-Day News and Views & data to be released today - USD/JPY
Intra-Day Market Moving News and Views
Update Time: 09 Aug 2019 03:00GMT
USD?JPY - 105.99… Despite initial weakness ahead of Tokyo open after intra-day break of yesterday’s low at 105.90 (New York) to 105.73 in Australia due to renewed safe-haven yen buying, dlr pared losses in early Asian trading and rebounded after China’s central bank (PBOC) lowered its official yuan mid-point fixing rate for 7 consecutive sessions to a fresh 11-year low of 7.0136 (yesterday’s fixing was 7.0039), however, as the latest fixing rate was not as weak as markets had expected, traders sold yen broadly on profit taking.
Dlr’s intra-day rebound from 105.73 suggests further choppy trading above Wednesday’s fresh 7-month bottom at 105.50 would continue and near term upside bias is seen for recovery to yesterday’s 116.30 top (reaction high) and stops above 106.35 are in focus. Therefore, buying the pair on dips is cautiously favoured.
Bids are noted at 105.90-70 with stops below there and more stops are reported below 105.50.
While offers are tipped at 106.20/30 with stops touted above 106.35.
T.G.I.F. for the Asian traders as a tumultuous week where a lot of intra-day wild moves occurred in Australia n Asian morning. Later today, U.S. will release final PPI for Jul, so traders will likely to take cue from intra-day move in U.S. yields n the Dow for trading.
AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in Forex market since 1984, with proven analytical approach used by professionals and real-time updates