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

AceTrader Team AceTrader

Intra-Day Market Moving News and Views
11 Oct 2018 03:30GMT

USD/JPY - 112.15.. Despite initial narrow move in Australian morning following o/n selloff to 112.26 in New York near the close as an 800-point plus drop in the Dow spooked investors to flock to safe-haven yen, then the Swiss franc as well as U.S. treasuries on risk aversion.
Price briefly weakened to 112.06 n then recovered to 112.31 in Asian morning but only to hit a 3-week trough of 111.97 as Asian equities fell 3% or more in reaction to o/n tumble in U.S. stocks (European equities also pummelled lower.

Yesterday's break of previous 112.83 sup (now res) confirms dlr's Medium Term rise from 2018 bottom at 104.57 (March) has made a temp. top at last Thursday's near 11-month peak at 114.55 and present falling U.S. yields (benchmark 10-year fell to a 1-week low of 3.146% after hitting a fresh 7-year high of 3.261% on Tuesday) suggests downside bias remains for further losses to towards next chart sup at 111.66.
Offers are tipped at 112.30/40 with stops above 112.60.
Some bids (bargain hunting bids by Japanese importers) are touted at 112.00-111.90 with stops below 111.60.

On the data front, pay attention to release of a slew key U.S. data : Sep CPI, core CPI, real weekly earnings n weekly jobless claims.

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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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