USD/JPY still in loc...FatGor님의 글

USD/JPY still in lockdown as Japan trade numbers hit record lows The USD/JPY was unchanged after disappointing export and import data from Japan. The data showed that exports and imports declined by 28.3% and 26.2% respectively. These numbers came a day after the BOJ delivered its interest rate decision. The pair is trading at 107.25, down from this month’s high of 109.82.

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USD/JPY has been quite a mover since the start of the week, with the dollar broadly weakening amid the risk rally and also the yen benefiting from the renewed track lower in Treasury yields after an attempted breakout last week following the blowout US jobs report.

FatGor

ECB announced €600 billion worth of bond buybacks, and the Euro tried to break out during the trading session on Thursday. While normally bad for a currency, the initial reaction was very bullish. Since then, the markets have calmed down a bit and it looks as if the 1.1250 level is going to continue to offer a bit of a barrier. With that in mind, I do think that if we break down below the lows of the Thursday session, we can begin the correction that is so desperately needed in this market. At this point, only fools are buying after a move like this. Yes, it can extend it but that only adds more fuel to the fire when we pullback. If you wanted to get long of this market, you need to do it after a significant pullback so that we can gain the necessary momentum to do that.

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