Trading news

USD/JPY in the middle of the range

The greenback keeps the bearish note vs. its Japanese counterpart on Monday, taking USD/JPY to the mid-112.00s ahead of the NA opening.

USD/JPY focus on US yields, Trump-Abe meeting

The Japanese safe haven is trading with gains for the second consecutive session so far, although a sustainable break below the 112.00 handle still remains elusive.

JPY has recovered part of the ground lost in recent sessions, as scepticism over the ability of the BoJ to keep the 10-year benchmark around 0% has picked up pace amongst investors, all against the broader backdrop of rising doubts around the central bank’s loose monetary policy.

Adding to JPY potential upside, US President D.Trump will meet PM S.Abe on Friday. Recall that in recent comments Trump said the Japanese government was deliberately devaluating its currency.

JPY has been also underpinned by speculative positioning, with net shorts retreating to the lowest level since early December during the week ended on January 31 and according to the latest CFTC report.

USD/JPY levels to consider

As of writing the pair is retreating 0.25% at 112.37 and a break below 112.04 (low Jan.31) would aim for 111.98 (38.2% Fibo of the November-December 2015 up move) and then 111.32 (low Nov.28). On the upside, the initial hurdle sits at 113.44 (spike Feb.3) followed by 113.97 (high Jan.31) and finally 114.96 (55-day sma).

AG Markets Review

Monday, 06 Feb, 2017 / 4:37

Note: Company News is a promotional service of the Directory and the content isn't created by Finance Magnates.

Source : https://www.ag-markets.com/news/

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