Intra-Day Market Moving News and Views -USD/JPY

AceTrader Team AceTrader

Intra-Day Market Moving News and Views
13 Aug 2018 03:00GMT

USD/JPY - 110.19.. Dlr ratcheted lower to 6-week low of 110.14 in hectic trading on Mon as free fall in the Turkish lira to fresh record lows vs usd at New Zealand open triggered safe-haven yen buying.

Although the pair opened around Fri's close at 110.92, renewed selloff in the Turkish lira with usd/try rallying above Friday's 7.0000 record high to 7.24 (Reuters) in thin New Zealand trading sparked off another round of yen buying, dlr fell to 110.33 b4 staging a rebound to 110.75 on short covering, however, sellers emerged at Tokyo open and price dropped to 110.14.

Dlr's intra-day break of July's bottom at 110.28 together with falling U.S. yields (benchmark 10-year has dropped to 3-week low of 2.85% from August's high at 3.016%) suggests recent decline would pressure price to 109.20 later this week esp. if recent Turkish lira rout continues unabated.
Offers are noted at 110.65/75 and more above with stop above 111.20.
Some bids (profit taking) are touted at 110.10-00 with stops below there.

On the eco. data front, so U.S. data is due out today, so all eyes are on intra-day movements of the Turkish lira n other EM currencies.

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AceTrader Team

AceTrader

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

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