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Sep 26 - 02:36 PM
USD/JPY - COMMENT-USD/JPY Rise Above 100-DMA Puts Fibo Resistance At 108.43 In View
First appeared on eFXplus on Sep 26 - 10:30 AM

USD/JPY is on board with slight dollar weakness falling 0.2% to 107.55 nL2N26H0RT.
Indeed, the yen's safe-haven status remains intact despite growing optimism for a trade deal between the U.S. and China and expectations for a BoJ rate cut by December 2019.
That said, despite the recent good vibes on U.S.-China trade, risks continue to simmer as Brexit along with the weak global growth and inflation outlooks tamp down on global rates.
With China trade ructions subsiding, USD/JPY bulls may benefit from broad USD buying versus the euro and pound nL2N26H0NV.
The resignation by ECB GC member Lautenschlaeger amid expectations of severe accommodation by the ECB, as well as rising Brexit-related political and growth fears may underpin the dollar as recent trend highs in EUR/USD and GBP/USD remain in focus.
USD/JPY has backed away from recent highs by the 10 and 100-DMA's, in the 107.80-90 range.
A rise above 10 and 100-DMA resistance puts 108.43 the 50% Fibo of 112.40-104.46 and 109.32 the August 1 high in focus.

JPY Chart: Click here

Refinitiv IFR Research/Market Commentary


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