USD/JPY - ...... Dlr swung wildly in very hectic Asian trading caused by another day of stock market turmoil. Although the pair edged higher to session highs of 118.76 shortly after Asian open, renewed selloff in the dlr/yuan plus sharp decline in Chinese shares spooked investors, leading to broad-based buying of yen on risk aversion, dlr tumbled below daily sup at 118.06 n hit a 4-month trough of 117.66/67 before stabilising.
Despite intra-day 7% limit down halt trading in the CSI300, rebound in the yuan prompted unwinding of long yen positions, dlr bounced back up to 118.24 near Asian midday.
Looks like the low print at 117.67 will probably be here to stay for the remainder of the day, however, unless we see a rebound in Asian shares n later European stocks, strong recovery in the dlr is unlikely.
For now, range trading is expected with some bids noted at 118.10-00 and more below with more stops touted below 117.60.
Offers are tipped at 118.25/35 with stops above there, however, more selling interest is reported earlier at 118.70/80.
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