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JPY news

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USD/JPY Boosted By Yield Trends, Nervous Watch Over Equity Markets

#81
Trends in global yields and equity markets are likely to dominate USD/JPY trends in the short term with gains on yield grounds liable to be fragile given an overall fragile dollar tone and risk of further weakness in equity markets.

The US consumer confidence data was stronger than expected with an increase to 118.9 for June from 117.6, although there was no major impact from the data.

Philadelphia Fed President Harker stated that he expected a further rate increase in 2017, although his opinion could change if inflation weakened further. There were no significant comments on monetary policy from Fed Chair Yellen.

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USD/JPY Surges Through Major Resistance

#82
After consolidating for the past three sessions, USD/JPY broke higher in a bullish continuation. The momentum driven rally today has taken out important resistance, hinting that the bearish cycle from December highs may have completed and that the pair has resumed within the broader bullish trend.

USD/JPY broke above a declining trendline that connects the December high with highs posted in May. Slightly ahead of the declining trendline, a horizontal level at 112.62 had held the pair lower in the second half of last week.

USD/JPY Setback After North Korean Missile Test, Buying Support On Dips

#83
Underlying dollar confidence is likely to remain firm after the stronger than expected ISM data with firm buying support on dips ahead of Wednesday’s release of the Federal Reserve minutes. There is likely to be tough resistance in the 114.00-114.20 area.

There was a notable improvement in the ISM manufacturing index to 57.8 from June from 54.9 the previous month which was the highest reading for close to 3 years and well above consensus expectations of 55.0.

USD/JPY: Another Leg Higher In 2017; What's The Trade?

#84
BoJ can keep the 10yr yield under control by its operations.

On the other hand, it may tolerate the gentle rise of superlong-term (over 10yr) yields to around 1%. From BoJ's actions after YCC was introduced, we have pointed out that the BoJ does not want to increase its superlong-term JGB purchases, or that it wants to reduce those purchases by even a small amount. At the very least, it is probably reasonable to assume that the BoJ has no intention of aggressively lowering superlong-term yields

USD/JPY: Another leg higher in USD/JPY in 2017

We continue to view the USD/JPY is in a medium-term bull market. We will be more concerned about currency diplomacy if the USD/JPY rallies decisively beyond 120. We would buy dips on the USD/JPY into 120, and sell the strength above the level

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USD/JPY forecast for the week of July 10

#86
The USD/JPY pair rally during the week, slicing through the 113 level and then reaching towards the 114 level. This was exacerbated by the stronger than anticipated jobs number coming out of the United States, and of course the positive reaction around the world. That tends to favor this pair, as the Bank of Japan continues to be light years away from tightening monetary policy. Beyond that, the Japanese yen is a safety currency, so the fact that this rallied should not be much of a surprise. I believe that the 115 level above being broken is a longer-term “buy-and-hold” signal. In the meantime, I look at pullbacks as value, as I have for some time. The market should eventually go to much higher levels, but I also recognize that there will be a lot of volatility as headlines tend to move this market rather rapidly.



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Dollar at 2-month highs vs. yen after U.S. jobs report

#87
The dollar was trading at two-month highs against the yen on Monday after a stronger-than-forecast U.S. jobs report indicated that the Federal Reserve would stick to plans for a third rate hike this year.

USD/JPY was up 0.32% at 114.27 by 07.15 AM GMT (03.15 AM ET), its highest level since May 11.

USD/JPY Consolidates Ahead Of Vital US Data, Choppy Trading In Prospect

#89
There will be a sharp reaction to the US CPI and retail sales releases in early US trading on Friday. USD/JPY will gain strong support if both the retail sales and CPI data releases are stronger than expected with a potential attack on the 114.00 level.

Weaker than expected releases would undermine the dollar, but there is still likely to be firm USD/JPY support on dips towards 112.50 with choppy trading, especially if there are mixed data releases. Buying on dips is still likely to be a key focus.

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USD/JPY forecast for the week of July 17

#90
The US dollar initially tried to rally during the week but found enough resistance below the 115 level to turn around and fall significantly. Most of this would have been due to the poor economic numbers coming out of the United States, which had a significantly negative effect on the US dollar in general. Because of this, I believe that the market is probably going to go looking for support at lower levels, as we may have to continue the consolidation in general. If we were to somehow turn around and break above the 115 handle, then I think that the market could go much higher. In the meantime, though, I think that the momentum needs to be built up to finally make that move higher.



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