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Continues to Claw Higher

JPY
MNI (London)
  • Thursday's break above Y104.20 did indeed bring pressure to bear on the reported resistance area between Y104.40/50, USD/JPY touching a high Thursday of Y104.46 before it eased off to Y104.17, closing the day at Y104.26.
  • General USD demand in Asia, some linking this to another round of risk position paring, as well as suggestions that month-end interest could see USD/JPY demand emerge and demand linked to Saturday's Goto-bi date.
  • Rate extended its recovery to Y104.57(Y104.58 Dec01-10 high) in early Tokyo before momentum faded and rate settled around Y104.50 into Europe.
  • Break of Y104.60 to expose Y104.75/76 ahead of stronger area between Y104.95/105.15. Support Y104.40 ahead of Y104.20/15 and Y104.00.
  • MNI Techs: USDJPY is bullish. The pair traded higher Wednesday resulting in a break of a bear channel resistance drawn off the Mar 2020 high. Resistance at 104.40 gave way Thursday, confirming a resumption of the uptrend that started Jan 6 and this reinforces the significance of the channel breakout. It also signals an important shift in sentiment and open levels not seen since November. The focus is on 104.76, Nov 24 low. Support is at 103.88, the former 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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