Daily Alert – Friday 21st June 2024: The JPY continues slide into the mud

Mark NugentDaily Alert, June 2024

Daily Alert – Friday 21st June 2024: The JPY continues slide into the mud

Good afternoon.

It is a quiet end to a quiet week. German and eurozone-level PMI data came in uniformly negative. The US was brighter with Services and Manufacturing PMI beating expectations. (The US does not do Composite PMI). In the UK, Composite and Services PMI missed to the downside and Manufacturing PMI exceeded expectations.

The poor old JPY continues to slide into the mud. Last night, on the D1 chart, it breached resistance to the upside. I hopped on with a tightish stoploss and so far, it is doing quite nicely. I would not be surprised if we see some Bank of Japan intervention soon. The USDJPY is close to the psychological 160 level and has not been this high since March 1990 when I was tearing around Teesside in a hot hatch listening to Love Shack by the B-52s. Happy days.

Have a great weekend. I will be back on Monday.

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