USD/JPY falls to three-week lows as greenback slips to start out the session

The pair is down almost 1% on the day to 151.50 ranges, with worth now at its lowest ranges since 6 November. What’s extra notable although is that sellers need to push for a break under the 200-day transferring common (blue line). The important thing stage is seen at 151.97 and that can be a giant blow to the post-election upside momentum.

In flip, that now attracts within the early November lows round 151.27-33 as the subsequent key help stage. A break of that may then liberate room for the pair to roam in the direction of the draw back to 150.00 doubtlessly.

The most recent drop right here comes as we see bond yields additionally retreat additional on the week. 10-year yields within the US at the moment are down almost four bps to four.265%. After the US election, the excessive for yields touched four.505% so we’re down roughly 24 bps from that.

Moreover that, the greenback can be down throughout the board with EUR/USD up zero.four% to 1.0525 and GBP/USD up zero.three% to 1.2610. Even AUD/USD is up zero.three% to zero.6495 and NZD/USD is now up 1.zero% to zero.5895 again close to the highs for the day.

There isn’t any main set off for the strikes we’re seeing on the session to date. So, is that this maybe all tied to some month-end shenanigans earlier than the Thanksgiving holidays kick in? From yesterday: Potential for greenback promoting this month finish – Deutsche

This text was written by Justin Low at www.ubaidahsan.com.



Source link