Intra-day news and views and data to be released today – USD/JPY
|Intra-Day Market Moving News and Views
Update Time: 23 Oct 2020 05:30GMT
USD/JPY - 104.75... Although the Japanese yen traded with a firm bias and gained to 104.74 in Asia yesterday, price fell to 104.48 in European morning on cross-selling in jpy. However, renewed buying interest emerged and the pair rose to 104.92 near New York close on usd's broad-based strength, then 104.93 in Australia today before retreating to 104.70 at Asian open.
Despite dollar's fall below previous October's 104.95 low (now resistance) to a near 1-month bottom at 104.35 on Wednesday, subsequent strong bounce to 104.93 today suggests recent decline has made a temporary trough and 104.95 needs to hold to maintain bearish view, below 104.35 would bring re-test of 104.01, where break would extend downtrend from 111.71 (March) to 103.85/90.
Offers are tipped at 104.85/90 with stops above there while bids are noted at 104.45-40 with move below and stops below 104.10-00.
On the data front, U.S. will release Markit manufacturing PMI and Markit services PMI at 13:45 GMT and traders should keep an eye out for development of U.S. stimulus talks as if it remains standstill, we may see another round of safe-haven usd buying.
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