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Hawkish FOMC Brings Y110.97 YTD High into Focus

JPY
MNI (London)
  • More hawkish than expected FOMC provided a general boost for the USD, allowed USD/JPY to break above resistance at Y110.33(Jun04 high) to a NY session high of Y110.72.
  • After posting an early session low of Y110.61 Asia extended the react move to Y110.82 but struggled to find the momentum to challenge the YTD high at Y110.97(Mar31 high).
  • Rate settled back between Y110.61/73 as markets await Europe react.
  • Buoyant tone remains into Europe with that Y110.97 level within touching distance. Notable that the top of the 1.0% 10-dma currently comes through at Y110.93, not a resistance in itself but rate tends not to like to be outside of this envelope parameter for too long. However, a break of Y111.00 to open a move toward Y111.20/30 ahead of Y111.50. Support noted at Y110.30/15.
  • Option expiries of note for today's NY cut include Y110.20-25($1.6bln-USD puts), Y110.50($985mln-USD puts), Y110.95-111.00($600mln-USD puts).
  • US Weekly Jobless Claims and Phila Fed at 1230GMT in focus.
  • MNI Techs: USDJPY traded higher yesterday extending the recovery from 109.19, Jun 7 low. The break of 110.33, Jun 4 high negates recent bearish threats and instead confirms a resumption of the uptrend since Apr 23. Attention is on 110.90, the 1.0% 10-dma envelope and key resistance at 110.97, the year high print on Mar 31. A break of 110.97 would confirm a resumption of the broader uptrend. Initial support is at 109.81, yesterday's low.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
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MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage

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