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Free AccessBack Above Y103.00 but Underlying Tone Remains Heavy
- Thursday's break below Y103.00 saw USD/JPY pressed to an extended low of Y102.88 but bounced to Y103.18 through the 1600GMT fix.
- Rate settled around Y103.10 through to the close.
- USD/JPY edged higher into the BOJ, broader policy settings unchanged, tweaked corporate liquidity provisions. Move higher accelerated in Tokyo to Y103.49 before it faltered into Y103.50(broken support level).
- Rate eased off to Y103.31 into Europe, currently around Y103.35.
- Support seen back at Y103.05/00 ahead of Y102.88. Resistance now seen at Y103.50/60.
- MNI Techs: USDJPY traded lower Thursday and cleared support at 103.18. Nov 6 low. This confirms a resumption of the underlying downtrend that started late March. The next objective is set at 102.75, the 1.00 projection of the Oct 7 - Nov 6 down leg from the Nov 11 high. Further out the break lower opens 102.00 and below. Nov 6 low. On the upside, initial resistance is at Thursday's high of 103.56. Upticks are considered corrective.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.