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Back Above Y103.00 But Downside Remains Favoured

JPY
MNI (London)
  • Recovery off Tuesday's Y102.59 low extended to Y103.44 into Wednesday's 1600GMT fix, the move up aided by UST yields ticking higher.
  • However, events on Capitol Hill weighed back on the USD taking USD/JPY back to Y102.94 before closing the day at Y103.06.
  • Sell interest into the Tokyo fix, along with AUD/JPY sales, contained upside pressure but this resistance gave way in post fix trade on reported Japanese investor and importer demand(again on UST yield rise) which drove rate up to Y103.31 into Europe.
  • Asian traders note talk of resistance at and above Y103.40 adding that initial support seen down at Y102.80 ahead of stronger interest around Y102.60.
  • Option expiry interest for today's NY cut seen at Y103.20-25(794mln), Y103.70($670mln USD puts) and Y104.00($1.4bln)
  • MNI Techs: USDJPY traded to a fresh trend low earlier Wednesday before rebounding off the day low. Despite the bounce, a bearish focus prevails following this week's breach of 102.88, Dec 17 low. The move lower confirmed a resumption of the downtrend that started late March last year. The next objective is at 102.02, Mar 10, 2020 low. On the upside, 103.50, the 20-day EMA marks initial resistance.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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