Intra-Day Market Moving News and Views
Update Time: 23 Aug 2019 03:00GMT
USD/JPY - 106.54.. The pair continued to trade sideways again in directionless Thursday's session and price moved in tandem with intra-day swings in U.S. yields as traders were keeping their powder dry ahead of key Fed Powell's Jackson Hole speech later today at 14:00GMT.
Looking at the hourly chart, dlr's range this week has been just shy of 50 pips in last 4 sessions and this may make technical traders complacent as they probably think this week's range trading price action would continue. Therefore, fundamental players are holding high hopes for Fed's J. Powell to express clearly his 'latest' interest rate view of whether it deems fit for the Fed to cut its rate at next FOMC meeting in late September or will continue to defy Trump's repeatedly calls to lower rate and stick to its 'data-dependent' stance.
For now, offers are tipped at 106.60/70 with fairly large stops touted above 107.00/10 whilst bids are noted at 106.25-15 with stops below 106.00, more stops are reported below 105.60.
T.G.I. F. for Asian traders, ahead of Powell's speech, we have several Fed officials speaking at various times (see our EI section for details) and the only U.S. data due out at the same time when Powell begins to speak is new home sales for July.
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