USD/JPY slides below the 111 handle in Tokyo, but 55 DMA is key
Friday, 10 August 2018 08:31 WIB | CURRENCIES |Dolar ASUSD/JPY,

USD/JPY is sinking in the Tokyo open and has broken back below the 11 handle to mark a low of 110.88 so far. USD/JPY was attempting a bullish correction overnight but the yen is being bought back as the long EM and commodity-FX trade that is funded by the yen are covered.

The greenback was mostly higher on Thursday in the European and US markets, a move sparked by yesterday's uber-dovish RBNZ and geopolitical tensions between the Trump administration, Turkey and Russia. The DXY climbed -0.43% to 95.6210 from the depths of the 95 handle and made a fresh 2018 high close - the pull back to below 95.20 this week caught out the less committed bulls. The US 10yr treasury yields dropped from 2.96% to 2.93% and the 2yr yields slipped down from 2.67% to 2.65% while the Fed fund futures yields slid a touch, now pricing around 40bp of tightening by close of play this year.  Another slight plus for the yen comes with Japan Q2 preliminary GDP 0.5% q/q vs.the expected +0.3% - something that underpins the opinion that the BoJ does not need to be so lose.

Source : FXstreet


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