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Yen futures trading (March)
Session close: Settled at .89905, down 4.5 ticks
Fundamentals: Today was a win for safe-haven assets and although the Yen could not get it going, the Treasuries and Gold both notched solid session after U.S CPI came in soft and there was tremendous demand at the 10-year Note auction, all amidst a deteriorating Brexit situation. equity markets favored the soft inflation data which keeps the Fed on hold. This is helpful for the overall risk-appetite, something that has been a constant headwind for the Yen in 2019. Core Machine Orders and PPI are due at 6:50 pm CT and Tertiary Industry Activity is out at 11:30 pm CT.
Technicals: Going back to Friday, price action was rejected by resistance at .90435-9049 and this has kept the bulls nervous. Today, the tapped slipped back below the pivot of .9002-.9013 which leaves it vulnerable to waves of selling. We are still upbeat on a value basis.
Resistance: .90435-.9049**, .9092-.9129***
Support: .8919-8931**, .88355-.8845***
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