USD/JPY is currently trading around 108.75 marks. It made intraday high at 109.13 and low at 108.72 levels. Today Japan released M2 money stock data with positive numbers at 3.3% vs 3.2% previous release. Such data posit…
It made intraday high at 109.13 and low at 108.72 levels.
Today Japan released M2 money stock data with positive numbers at 3.3% vs 3.2% previous release.
Such data positively correlated with interest rates - early in the economic cycle an increasing supply of money leads to additional spending and investment, and later in the cycle expanding money supply leads to inflation.
Intraday bias remains bearish for the moment.
A sustained break below 108.62 will drag the parity down towards 108.04, 107.94, 106.15, 105.71, 105.45 and 104.55 levels respectively.
Alternatively, a daily close above 109.32 will drag the parity up towards 111.23, 112.60 and 113.42 levels respectively.
