USD/JPY extends range trade...來自FatGor

22 May 2020, 15:35 · 閱讀量 888

USD/JPY extends range trade after BOJ’s status-quo, US-China tussle to keep downside pressure

USD/JPY was trading range bound on the day at 107.53 at around 03:30 GMT, intraday bias neutral.

BOJ’s inaction during the early Friday left trades unimpressed. The Japanese central bank left monetary policy unchanged during the surprise meeting as widely expected.

The BOJ announced additional measures to support the economy, citing virus outbreak fears, and showed readiness to act.

Latest updates from China’s 13th National People's Congress (NPC) weigh on the risk-tone and help the Japanese yen to extend recoveries, weighing on the pair.

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喜歡的話，讚賞支持一下

The market is likely to continue to see a lot of back and forth due to the fact that the US dollar and the Japanese yen are both considered to be safety currencies.

FatGor

Sellers are back in near-term control on a break under the key hourly moving averages, and notably driving price below some near-term support around 107.34-40. That has seen the yen accelerate gains against the dollar, with 10-year Treasury yields also slumping to session lows - down by nearly 3 bps to 0.662%. The risk tones in the market are looking more cautious/defensive and has seen quite a turn of events following the announcement by US president Trump here yesterday. All eyes will be on that now but the dollar in general also isn't faring too well ahead of European trading, so that is adding to the softness in USD/JPY here.

FatGor

USD/JPY TODAY - dips notably today but stays above 106.57 temporary low. Intraday bias remains neutral first. Further decline is expected as long as 107.64 resistance holds. Break of 106.57 will target 105.98 support and below. In that case, But downside should be contained by 61.8% retracement of 101.18 to 111.71 at 105.20 to bring rebound. On the upside, break of 107.64 will turn bias back to the upside for 109.85 resistance instead.

FatGor