USD/JPY extends range trade 에서 - 팔로메 거래 커뮤니티

22 May 2020, 15:35 · Views 894

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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Keep in mind that the Euro has a lot to deal with, not the least of which will be the Brexit but there has been a lot of positive build the due to idea of Germany backing all of the bonds in the EU. If that is going to be the case, that it becomes more “federalized”, that takes quite a few the concerns about the Euro off the table. This should in theory at least be good for the Euro, but the US dollar being the safety currency will continue to get a bit of a bit, and at the very least we are overstretched.

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

Risk sentiment will drive the USD/JPY this week as ties between the U.S. and China come under further strain, potentially threatening the “Phase One” trade deal signed earlier this year.

FatGor