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Aug 24 - 07:55 AM

USD/JPY - Softer Bias But Don't Ignore The Trend

By Peter Stoneham  —  Aug 24 - 05:40 AM
  • A second day of USD/JPY losses and key support under pressure

  • A technical adjustment was needed: over bought condition now eased

  • Market also better positioned to resume the dollar up-trend

  • Shape of the Tuesday drop smacks of covert intervention nL1N3000EM

  • Using softer U.S. data as a prompt the Japanese may have stepped in

  • Into Wednesday and a risk off bias in Tokyo led to yen cross sales

  • Weight of topside option expiries also noted for today's NY cut

  • $1.6 bln of expiries between 136.80-137.05, below 136.00-15 $1.1 bln

  • USD/JPY could test the 135.82 Tuesday low into the close before higher again

    For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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