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Free AccessHolds Back Above Y104.00 But Upside Press Seen Facing Headwinds.
- Break below Y103.70/65 Monday saw rate pressed to an extended low of Y103.51 before it met support into Y103.50.
- Traders noted that support was strengthened with the rising support line, off the Mar09 low of Y101.19 coming through at Y103.48 (today at Y103.49).
- General USD demand was seen into the 1600GMT fix which saw USD/JPY bounce back to Y104.10, holding above Y104.00 through to the close.
- Goto-bi day demand edged rate to Y104.15 before it settled around Y104.10 into Europe.
- Asian traders have mentioned recently that both IMM and leveraged accounts have been adding to short USD/JPY positions and likely to fade any recovery rallies.
- Talk that support back in place at Y103.70/65, stronger at Y103.50. Resistance Y104.15/20, Y104.50/60.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.