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Approaching Y104.00 as USD Loses Ground Across the Board

MNI (London)
  • Presses down to Y104.19 as the USD loses ground across the board.
  • Next technical support noted at Y104.13, 61.8% Y103.18-105.68, with the Sep21 low close behind at Y104.00.
  • Break here to expose Y103.77(76.4%).
  • Asian traders earlier reported Japanese retail interest at and below Y104.30, which was providing some earlier cushioning.
  • IMM and leverage have been increasing their respective short USD/JPY positions, with major banks have been recommending this positioning.
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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