FX Action: USD-JPY has remained buoyant
FX Action: USD-JPY has remained buoyant, edging out a 113.36 high, which is within 2 pips of the four-week high that was printed last week. EUR-JPY, meanwhile, is with a hair's breath of two-week highs, and AUD-JPY is within a few pips of the one-high posted yesterday. The Nikkei 225 closed with a 1.14% gain in what has been a mixed session across Asian bourses, with Chinese markets lower, once again, despite a positive close on Wall Street and modest advance in S&P 500 futures. Directional ambition looks to be curtailed into today's midterm elections in the U.S, which carries potential implications for Trumpian economic policy should the Democrats wrest control of the House. USD-JPY's fundamentals (yield differentials and the associated contrast between Fed and BoJ policy paths) remain supportive, although periodic episodes of risk aversion has been an intermittent offsetting bearish force. USD-JPY has support at 112.35-37.