JPY steady just above broken range low – Scotiabank
|The Japanese Yen (JPY) is trading flat against the US Dollar (USD) and attempting stabilization just below the lower end of the (broken) range that had held since early May.
JPY steady amid bond market volatility
"Long end JGB yields have pulled back from their recent highs, however recent price action reveals a considerable amount of concern as we head into this weekend’s upper house elections. The near-term BoJ outlook is neutral, owing to trade policy uncertainty."
"However, the longer-term risks remain tilted to further tightening with a possible rate hike as soon as October. Japan releases trade data at 7:50pm ET and CPI on Thursday (local Friday). For USDJPY, we look to consolidation around current levels and note the importance of the 200 day MA (149.71) as an important level of longer-term resistance."
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