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Begins to Pressure Y103.20/00 Support

JPY
MNI (London)
  • Initial hawkish react to the FOMC announcement saw USD/JPY spike to Y103.92, having seen a low earlier in the day of Y103.26.
  • However, Fed Powell dampened this initial enthusiasm which saw the recent pressure on the USD return and press USD/JPY down to Y103.40 ahead of the close.
  • Rate extended this recovery to Y103.56 in early Asia, suggested to have been driven by AUD/JPY demand in reaction to strong AUD data. However, general reaction saw stronger USD sales which weighed back and pressed USD/JPY down to challenge reported support into Y109.20(low Y103.21). Support is seen from around Y103.20 through to Y103.00. Resistance Y103.90/104.00, Y104.15/20.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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