A sharp fall on the Ichimoku cloud on USD/JPY this week has recent USD/JPY gains poised to open next week above the top of the Ichimoku cloud, adding to current bullish sentiment. The cloud is 118.51-118.68 on Monday and a close above this level is seen as positive.
In the latest updates from the Nikkei press for the Friday morning edition, the paper reports that carry trades are on the rise, but the report does not note any specifics, only recent price action reflecting the carry trade interest. Earlier today, Reuters released some of the intentions of Japanese life insurers.
Meiji Yasuda and Asahi plan to take a neutral stance on foreign investments but Fukoku is planning to buy a net Y100 bln in foreign bonds this year. USD/JPY is gradually edging up from morning lows on real money buying and now trades at 118.66 with offers still at 119.00.
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