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Buoyant Feel But Resistance Seen at and Above Y106

JPY
MNI (London)
  • Recent recovery in USD/JPY extended to Y105.77 in early NY Friday before it sank back to Y105.35 through the 1600GMT fix, closing the day around Y105.40.
  • Slow start in Asia before demand began to emerge in Tokyo which lifted rate to Y105.55, settling around Y105.50 through to the Europe open.
  • Asian traders suggest that IMM and hedge funds are holding on to out of the money short USD/JPY positions and may feel pressure should rate push up to Y106.20.
  • However, the retail sector (Mrs Watanabe accounts) are believed to have further take profit interest at and above Y106.00 which should slow down any move toward that Y106.20 level.
  • Resistance Y105.77, top of the 1.0% 10-dma currently comes through at Y105.85, a break to expose Y106.05/08(projection level-see MNI Techs/38.2% Y111.71-102.59).
  • Support Y105.25/10., stronger into Y104.98.
  • MNI Techs: USDJPY bullish conditions remain intact following last week's gains and recent bullish price developments. On Jan 27, the pair cleared a bear channel resistance drawn off the Mar 2020 high. Resistance at 104.40 gave way on Jan 28, confirming a resumption of the uptrend that started Jan 6. The focus is on 106.05 next, a projection level. Initial support is at 104.98, the Feb 4 low.
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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