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Breaks Below Y102.88 2020 low

JPY
MNI (London)
  • Pre Tokyo open EUR/JPY demand cited for lifting USD/JPY to an early high of Y103.32 before momentum faded and rate reversed tack.
  • Rate eased to Y102.94 before settling back above Y103.00 into Europe.
  • Continued pressure on the USD has pressed rate to an extended low of Y102.89, just shy of Dec17/2020 low of Y102.88. Break here expected to meet some support at Y102.80 ahead of Y102.50/40 with a 1.618% swing projection target loitering behind at Y102.25(1.618% Y102.88-103.90).
  • Resistance Y103.32(Asia high).
  • This strengthening of the JPY could prompt some comment from Japanese officials.
  • MNI Techs: USDJPY maintains a bearish tone. The pair on Dec 17, cleared support at 103.18, Nov 6 low. This move confirmed a resumption of the underlying downtrend that started late March last year. The next objective is set at 102.75, the 1.00 projection of the Oct 7 - Nov 6 downleg from the Nov 11 high. Further out the break lower opens 102.00 and below. 103.90 marks initial firm 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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