May 29, 2024 10:14 GMT
Focus remains squarely on the Yen
JPY
- Despite the small fade off the overnight lows in the Yen, focus in FX remains squarely on the Yen crosses.
- GBPJPY printed a fresh 9yrs high overnight, above last MOF interventions levels.
- GBPJPY didn't yet quite manage to challenge 201.00, printed a 200.743 high earlier.
- A clear break above the figure, would see next resistance at 201.870 - 1.00 projection of the Apr 19 - 29 - May 3 price swing, followed by 203.560 - Top of a bull channel drawn from the Jan 2 low.
- EURJPY still sees the next upside area of interest at 171.00 and 171.56, levels where it was trading on the 29th April, the first speculated intervention.
- AUDJPY found some good resistance at the 29th April peak of 104.943, managed a 104.866 on the Australian CPI beat overnight.
- For the Dollar, 157.59 in USDJPY is the next area to watch out for, not a tech level, just pre 2nd intervention level.
150 words