Intra-Day Market Moving News and Views -USD/JPY
|Intra-Day Market Moving News and Views
15 Nov 2017 03:30GMT
USD/JPY - 113.17.. Trading the pair yesterday proved to be tricky as despite initial firmness in Asia and then intra-day brief gain to 113.91 on rising U.S. yields after tripping some stops above 113.75, rally in the eur/usd in Europe together with sharp retreat in U.S. yields led to broad-based usd's weakness, price fell to 113.31 in New York morning.
Despite moving sideways in New York afternoon session, dlr met renewed selling in early Asian trading at 113.50 and fell to a 2-week low of 113.04 due to continued decline in U.S. yields.
Looks like price may head lower in European trading due to expected usd's weakness, so selling the pair on recovery is recommended.
Offers are tipped at 113.40/50 and more above with stops above 113.75.
A mixture of bids and stops is reported at 113.00-112.90.
Pay attention to release of key U.S. CPI n retail sales data at 13:30GMT and as it is our latest view usd may have already entered into another leg of broad-based decline, if the data come in weaker than market forecast, be prepared for further decline and even actual readings beat estimate, intra-day gain may only be short lived.
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