The dollar is lower over the past 24 hours and the major mover has been USD JPY, breaking below 106.40 and 105.80 supports and now trading sub-105.50 in early London trading.
This move has gone further and faster than we expected and, with this momentum, an immediate test of key 105.30 support looks likely.
Local names, previously buyers on such dips, have been conspicuously absent and local banks appeared to be better sellers in the Asia session.
As such, rallies are likely to be sold today with 105.80 the level to fade.
This move has gone further and faster than we expected and, with this momentum, an immediate test of key 105.30 support looks likely.
Local names, previously buyers on such dips, have been conspicuously absent and local banks appeared to be better sellers in the Asia session.
As such, rallies are likely to be sold today with 105.80 the level to fade.
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