The dollar was back on the defensive against the yen, with the USD/JPY exchange rate falling. Stuart Cowell has given a detailed USDJPY technical picture in a brief video presented in the 23 January USDJPY Intraday Technical Analysis.
23 January, HotForex – The 10 year Bund yield is now down -0.2 bp at 0.561%, despite gains in European and U.S. stock futures, after equities rallied in Asia, on news that the U.S. government shutdown is ended and amid optimism about corporate earnings.
The BoJ left policy unchanged but sounded cautiously optimistic on inflation. The MSCI Asia Pacific Index reached headed for fresh record highs, despite warnings of overheating as the IMF’s economic outlook confirmed that growth is already starting to slow down from high levels.
Today’s local calendar has German ZEW investor confidence as well as U.K. public finance data and the U.K. CBI industrial trends survey. Preliminary eurozone consumer confidence will be published in the afternoon.
23 January USDJPY Intraday Technical Analysis
US Federal Shut Down: Resolved For Now – The dollar gained on the Senate vote that ended the three-day government shutdown in the U.S. Gains have been moderate. USDJPY lifted to a 111.17 peak from levels near 110.50.
However, it drifted again down to 110.60, on dovish BoJ’s Kuroda. Koruda sounded dovish at his post-meeting press conference, saying that the central bank will remain strongly committed to monetary easing, including QQE until the 2% inflation target has been reached, which remains “far” from the case.
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