ridethepig | JPY Market Commentary 2020.02.26

On the risk side, US10Y bouncing from the lows while Global Equities attempt to form a s/t floor. Central Bank co-ordinated policy is only a matter of time, markets have forced FED, ECB, BOC, BOJ, BOE and everything in-between to kiss the hand and keep rate cuts on the table.

https://www.tradingview.com/chart/XAUUSD/cg9ol2wU-ridethepig-Gold-Highs-Of-The-Year-Smells-Like-It/

JPY is itching to resume dancing the same rhythm but given USD demand via month end rebalancing there will be room to sell USDJPY from cheaper levels later in the week. Look to fade any rallies into 110.7x with initial targets located at 110.3x and 109.8x. Invalidation of the view comes with a breach of 111.2x.

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