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AceTraderFx Jul 11: Intra-Day Market Moving News and Views -USD/JPY
Intra-Day Market Moving News and Views
11 Jul 2018 03:00GMT
USD/JPY - 110.98.. Dlr finally pares intra-day losses after tumbling from 111.27 near NewYork close to 110.80 in Australia on news that U.S. will impose an extra $200 bln in tariffs on Chinese imports, the news triggered broad-based yen buying on risk aversion, price later hit intra-day low of 110.77 in early Asian trading before staging a minor bounce to 111.02 on short covering.
Yesterday's decline from a 6-week high of 111.35 suggests price is not ready to re-test May's 111.40 and intra-day weakness to 110.77 confirms recent cross-inspired upmove has made a temp. top there with U.S. yields falling in Asia on the China tariff news, downside bias remains for stronger retracement towards 110.28. Therefore, selling dlr on recovery is the way to go.
Offers are tipped at 111.00/10 and more above with stops reported above 111.40.
Some bids are noted at 110.80-75 with stops below there.
On the data front, U.S. will release MBA mortgage applications, June PPI, wholesale inventories n wholesale sales. Atlanta Fed President Bostic (voter) will speak at 16:30GMT.
AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in FX market since 1984, with proven analytical approach used by professionals and real-time updates
Intra-Day Market Moving News and Views
11 Jul 2018 03:00GMT
USD/JPY - 110.98.. Dlr finally pares intra-day losses after tumbling from 111.27 near NewYork close to 110.80 in Australia on news that U.S. will impose an extra $200 bln in tariffs on Chinese imports, the news triggered broad-based yen buying on risk aversion, price later hit intra-day low of 110.77 in early Asian trading before staging a minor bounce to 111.02 on short covering.
Yesterday's decline from a 6-week high of 111.35 suggests price is not ready to re-test May's 111.40 and intra-day weakness to 110.77 confirms recent cross-inspired upmove has made a temp. top there with U.S. yields falling in Asia on the China tariff news, downside bias remains for stronger retracement towards 110.28. Therefore, selling dlr on recovery is the way to go.
Offers are tipped at 111.00/10 and more above with stops reported above 111.40.
Some bids are noted at 110.80-75 with stops below there.
On the data front, U.S. will release MBA mortgage applications, June PPI, wholesale inventories n wholesale sales. Atlanta Fed President Bostic (voter) will speak at 16:30GMT.
AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in FX market since 1984, with proven analytical approach used by professionals and real-time updates