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Back Above Y104 But Needs Break of Y104.16/20 to Boost Upside Hopes.

JPY
MNI (London)
  • USD/JPY firmed into the Tokyo fix with gains holding before rate marked an early high of Y104.08.
  • Corrective pullback found support just under the figure at Y103.97 before fresh demand emerged to edge it on to Y104.09 into Europe.
  • Resistance moves into view at Y104.16/20. Y104.16 is the top of a bear channel, drawn off March 2019 highs, and Y104.20 is the Jan14 high and corresponds to the 76.4% retracement of the move down from Y104.40 to Y103.53.
  • A break of Y104.20 to expose stronger resistance into Y104.40/50. Support Y103.90/80, Y103.64/53.
  • Markets to watch the full US market return, following Monday's MLK holiday.
  • Janet Yellen Senate confirmation hearing at 1500GMT for Treasury Secretary. Press suggest she will support large fiscal support(act big) as well as as saying that the US does not seek a weaker USD to gain trading advantage.
  • MNI Techs: USDJPY has started today's session on a firm note. Attention remains on 104.16, the bear channel top drawn off the Mar 24 high. The channel has contained recent gains however a break, together with a move above 104.40, Jan 11 high, would signal a trend reversal. This would open 104.76, Nov 24 high. On the downside, support to watch lies at 103.53, Jan 13 low. A breach would highlight a possible reversal from the channel top.
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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