Intra-Day Market Moving New and Views
28 Jul 2014 02:43GMT
USD/JPY - .... The greenback continues to trade with a soft bias in Tokyo this morning after cross-inspired retreat from Friday's 2-week peak at 101.94 to 101.72 in NY as weekend's events in Russia-Ukraine n Middle East boosted yen demand at Tokyo open (eur/yen weakened 1 tick below Fri's 136.65 low).
Expect range trading to continue in Asia until European open, however, as the N225 index has shrugged off initial loss after Fri's decline in the Dow n has climbed to a fresh 6-month peak of 15.556, suggesting buying on dips is favoured. Later today, investors should pay attention to the release of Markit service PMI for U.S. n U.S. pending home sales data due at 13:45GMT n 14:00GMT respectively.
At the moment, offers are noted at 101.90-00 n around 102.10 with stops emerging abv 102.30. On the downside, bids are placed at 101.50-40 n then 101.30/25 with stops located below 101.20.
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