Intra-Day Market Moving News and Views

Update Time: 16 Sept 2020 05:30GMT

USD/JPY - 105.31... Although the greenback traded with a firm bias in Asia and edged up to session highs at 105.81 in European morning, price erased its gains and dropped to an intra-day low at 105.31 in New York morning before staging a recovery to 105.54 in New York afternoon. However, the pair met renewed selling there and fell to 105.26 in Asia today on active cross-buying in jpy.

Dollar's intra-day break below yesterday's low at 105.31 suggests consolidation with downside bias remains for weakness to support 105.21, below would bring re-test of August's bottom at 105.11 where break would extend decline from 107.04 to 104.50/60 later. Offers are now seen at 105.40/50 and more above at 105.60/70 with stops building up above there whilst initial bids are noted at 104.40/50.

Market focus is the Federal Reserve's rate decision at 18:00GMT. Although its widely expected that the central bank will keep its rate unchanged at 0.25%, one should pay attention to Chairman Jerome Powell's press conference at 18:30GMT, where he is likely to provide an insight on what further steps, if any, the bank would take to counter the country's stagnant growth.

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