Intra-day news and views and data to be released today –USD/JPY

AceTrader Team AceTrader

Intra-Day Market Moving News and View

Update Time: 01 Dec 2020 05:30GMT

USD/JPY - 104.35.. The greenback moved narrowly on the first trading day in Dec but final month of 2020 in early Asian morning after Monday's wild swings. The pair staged a strong recovery from yesterday's near 1-week low of 103.84 to 104.34 in European morning but fell back to 103.92 in New York morning but later rallied to session highs of 104.40 near the close as the greenback caught a bid due to month-end demand.

Yesterday's 3-legged rise from 103.84 to 104.40 suggests further choppy swings above previous 103.66 sup would continue with near term upside bias, however, as broad outlook remains consolidative, reckon upside would falter below last week's high at 104.75 (Tue).
Bids are noted at 104.20-10 and more below with stops below 103.80. Offers are tipped at 104.45/50 n more above with stops reported above 104.75.

On the eco. data front, the U.S. will later release redbook sales, Markit mfg PMI, ISM mfg PMI n cibstruction spending. Fed Chairman J. Powell will testify before the Senate Banking Committee at 15:00GMT n we also have several Fed officials speaking in New York session (pls refer to our EI section for details).

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