USD/JPY's Battle for 150 Still On
| Action Insight Mid-Day Report 10-20-22 |
USD/JPY's Battle for 150 Still On |
Dollar softens slightly today after failing to have a decisive rally against Yen. Nevertheless, the battle for 150 is still on. Sterling is lifted slightly by news of UK Prime Minister Liz Truss's resignation, but there is no follow through buying. Commodity currencies are trading mildly higher as risk sentiment stabilized. Overall, there is no clear, committed direction entering into US session. Technically, as USD/JPY is struggling around 150 for now, focus is back on 147.24 temporary top in EUR/JPY and 170.07 in GBP/JPY. Break of these levels will indicate completion of brief consolidation and recent up trends are ready to resume. That might give USD/JPY a hand on 150. In Europe, at the time of writing, FTSE is down -0.01%. DAX is down -0.30%. CAC is up 0.32%. Germany 10-year yield is up 0.023 at 2.401. Earlier in Asia, Nikkei dropped -0.92%. Hong Kong HSI dropped -1.40%. China Shanghai SSE dropped -0.31%. Singapore Strait Times closed flat. Japan 10-year JGB yield dropped -0.0006 to 0.254. |
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 149.38; (P) 149.64; (R1) 150.18; More... Focus remains on USD/JPY's reaction to 150 psychological level, as Japan might intervene. Break of 148.11 support should confirm short term topping and turn bias back to the downside for deeper pull back. However, sustained break of 150 will extend larger up trend, and pave the way to 100% projection of 130.38 to 140.33 from 145.89 at 155.84 next. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
|---|
| 23:50 | JPY | Trade Balance (JPY) Sep | -2.01T | -2.06T | -2.37T | -2.34T | | 00:30 | AUD | NAB Business Confidence Q3 | 9 | 5 | | 00:30 | AUD | Employment Change Sep | 0.9K | 25.0K | 33.5K | 36.3K | | 00:30 | AUD | Unemployment Rate Sep | 3.50% | 3.50% | 3.50% | | 06:00 | CHF | Trade Balance (CHF) Sep | 4.00B | 4.23B | 3.42B | 3.32B | | 06:00 | EUR | Germany PPI M/M Sep | 2.30% | 1.30% | 7.90% | | 06:00 | EUR | Germany PPI Y/Y Sep | 45.80% | 44.00% | 45.80% | | 08:00 | EUR | Eurozone Current Account (EUR) Aug | -26.3B | -20.3B | -19.9B | | 12:30 | USD | Initial Jobless Claims (Oct 14) | 214K | 235K | 228K | 226K | | 12:30 | USD | Philadelphia Fed Manufacturing Oct | -8.7 | -5 | -9.9 | | 14:00 | USD | Existing Home Sales Sep | 4.69M | 4.80M | | 14:30 | USD | Natural Gas Storage | -173.5B | 125B |
|
|
|
