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Holds Recovery Back Above Y104.00 After Tokyo Return

JPY
MNI (London)
  • Sharp bounce back for the USD in NY Monday, the move helped by the release of stronger than forecast US PMI data with market caught short after failure to ease through recent low of Y103.65.
  • Some suggestion that month-end value US corporate USD demand, brought forward due to this week's Thanksgiving holiday, ahead of Monday's Nov30 value, was responsible with data release accelerating the move.
  • USD/JPY pushed up to Y104.64 with pullback in the NY afternoon finding support at Y104.27 before closing at Y104.55.
  • Opening Asia posted a fresh recovery high of Y104.65 then consolidated for a while around Y104.55 before it dropped back to Y104.35 ahead of Europe.
  • Rate has since edged back to Y104.47.
  • Support Y104.27/20, Y104.00, stronger into Y103.65. Resistance Y104.65 ahead of Y104.94/105.03(50-dma/55-dma).
  • MNI Techs: USDJPY rallied yesterday into the London close. The recovery from recent lows reinforces the bullish view based on the Nov 9 price action. In candle terms, the price pattern that day was a bullish engulfing line signalling a potential reversal. The recent move lower is considered a correction and stronger gains would open 105.68, Nov 11 high. Key support is at 103.18, Nov 6 low. A breach negates the candle pattern and resumes the downtrend.
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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