JPY: JPY Crosses - CNH/JPY Breaking Down ?
A JP Morgan gauge that tracks the risk of recession moved up to 79%. The measure focuses on moves in small US companies whose fortunes are tied closely to the economy, the JPY will continue to be bought in this environment. Scott Bessent highlighted the potential for a series of deals with US trading partners, Japan will be hoping to be 1 of those. The Nikkei is sliding today as risk again breaks down, next support is 30000/31000 a break of which would target 24500/2500.
- EUR/JPY - Overnight range 160.03 - 162.05, Asia opens under pressure making news lows around 159.64 before stabilising.
- GBP/JPY - Overnight range 186.55 - 188.75, Asia makes new lows around 185.73 and has since bounced back to 186.80. Expect sellers on any bounce with the first target the 180.00 area.
- AUD/JPY - Breaks the overnight lows to print around 86.05 in early Asian trading, market has since bounced back to 87.00.
- CNH/JPY - Breaks overnight lows to print around 19.6200, it has since bounced back to 19.7000, USD/CNH has seen a retracement even though the Yuan fixing was higher for a 5th straight day implying more smoothing by officials. The market is looking for any confirmation that the PBOC is prepared to let the Yuan weaken and CNY/JPY is breaking some key support implying the move lower could gather momentum. First target 18.75/80.
CNHJPY
Source: MNI - Market News/Bloomberg
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