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Easing UST Yields Takes USD/JPY Back Below Y109.00

JPY
MNI (London)
  • Tokyo provided the upside pressure to advance USD/JPY's recovery through Y109.00 and on to Y109.23.
  • Rate held above Y109.00 through to the Europe open
  • UST yields easing has provided the weight to take rate back below the figure in early Europe, resting the earlier Asia low of Y108.87, which has so far contained the base.
  • Expect support into Y108.80, a break to open a deeper move toward Y108.40/30.
  • Resistance now seen at the high of Y109.23, with the long term retrace level of Y109.59 (76.4% Y111.71-102.59) then Y109.70(see MNI Techs below) next upside points of interest.
  • UST yields remain in the driving seat for direction.
  • MNI Techs: The USDJPY outlook remains bullish as it continues to defy gravity. The pair extended the sequence of higher highs to 9 sessions Monday and has registered a fresh high once again today. Momentum studies are in overbought territory however this is not having an impact and instead reinforces the underlying bullish sentiment. The focus is on Y109.70 next, the Jun 8 2020 high. Initial support is Friday's intraday low of Y107.82.
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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