A recent Nikkei survey, Kyodo, Asahi shows that the LDP-Komeito coalition is at risk of losing the elections of the upper house. He USD/JPY It was for the last time in 148.67, according to ECCBC FX analysts, Frances Cheung and Christopher Wong.
Tentative signals of a downward turn near overcompra conditions
“A total of 125 seats are at stake in the July 20 elections. These include half of the seats in the dietary chamber and one for the Tokyo electoral district that has become vacant. The coalition had 141 seats in the upper house before the campaign began, and 66 are in dispute. Ensure 50 seats will give the coalition a majority of 125 in the upper house (that is, they can afford to lose 16 seats).”
“However, the lost seats in the upper house can affect the administration of ISHIBA. On the contrary, if the PM ishiba manage previously that electoral results can impact fiscal health and qualifications. “
“This temporarily weighs on the JPY. The bullish impulse in the daily graphic remains intact While the increase in the RSI shows tentative signals to lower near overbill conditions. The next resistance is at the levels of 149.40/70 (200 -day SMA, setback Fibonacci 50% of the maximum to a minimum of 2025). Support in 147.15 (38.2% FIBO), levels of 146.20. “
Source: Fx Street
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