Daily Market Notes
The Number That Would Settle It Is Three Numbers, Three Pips Apart
The two-hundred-day moving average was the one number that would settle yesterday's four-way ambiguity about a one-pip overshoot. Three publishers give it as 158.50, 158.52 and 158.53, and Tokyo's 158.51 high fell in the gap and equals none of them. Worse for us: our own published resistance level is 158.50, identical to MUFG's reading, so our level holding and the average holding are the same sentence written twice. London then took the pair to 157.85, a 66-pip day against Tokyo's 41 - on French bonds, not on Japan.