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Claws Back Above Y104.00 Despite General USD Weakness.

JPY
MNI (London)
  • USD/JPY stretched to a recovery high of Y104.58 in early Europe Thursday before momentum faltered and rate began to pare gains.
  • Rate slipped to Y104.17 through the NY session, closing the day at Y104.22.
  • An Asia touch of Y104.28 before USD came under general pressure, the downside move gaining momentum in Tokyo where it managed to break under Y104.00 before finding a base at Y103.93.
  • Into Europe and rate has settled back above Y104.00
  • Asian traders have noted support in place at and below Y103.70, with option related interest strengthening support in the Y103.20/00.
  • Resistance Y104.50/58, stronger into Y104.80.
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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