JPY Trading Outlook (27-11-2014)
USD/JPY was sideways to modestly lower on softer US data. The big global macro story is the ongoing collapse in interest rates and commodities, neither of which are having much impact on the yen. EURJPY and USDJPY managed to hold their 200 hma but we wouldn’t be surprised to see those break as the Nikkei feedback loop looks to be running out of gas for the time being. Short yen positions are heavy and squaring up in holiday-thinned markets seems to best describe today’s action, with Nikkei futures lower in NYC by 0.2%. All eyes now on Friday’s release of Japanese CPI
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