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Awaits Thursday's US CPI for Directional Inspiration

JPY
MNI (London)
  • Quiet session in Asia reflected by the tight Y109.41/51 range seen through Tokyo trade.
  • Asian traders report demand interest from the Japanese retail sector, especially into dips, with one suggesting this interest to cushion the downside toward Y108.50.
  • Interim support remains into the Y109.20 area, a break to expose Y108.98(76.4% Y108.56-110.33).
  • Resistance remains between Y109.56/64, a break here to open a stronger recovery toward Y109.90/05.
  • Little in the way of directional drivers with focus on Thursday's US CPI release.
  • MNI Techs: USDJPY is trading closer to recent lows following the pullback from 110.33, Jun 4 high. This move lower has resulted in a print below initial key short-term support at 109.33, Jun 1 low. The move dents the bullish theme and a deeper sell-off would expose 108.56, May 25 low. A recovery would instead refocus attention on 110.33 where a break would resume the uptrend and open this year's 110.97 high from Mar 31 high.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
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MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
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