Trial now

Pullback Considered Corrective


Holding Above Recent Lows


BLOCK, Large 3Y Midcurve Put Condor

YEN: JPY crosses have moved higher in early dealing, this is being attributed to
spec accounts as opposed to any real money demand.
- USDJPY at 106.70, EURJPY at 132.20 & AUDJPY at 83.90.
- USDJPY follow through was lacking on the break of the bear channel top off
2018 highs and 107.19 leaving the pair looking a little offered. Bears now need
a close below 106.13 to reconfirm initial focus on 105.22. Bulls now need a
close above 107.29.
- EURJPY bulls take comfort in the close above 21 (131.63) & 200 (131.58) DMAs.
Daily studies have room to move before O/B becomes an issue. Support layers have
followed the pair higher adding to bullish confidence. Bears now look for a
close below 131.42 to ease bullish pressure.
- AUDJPY technicals suggest that the recovery from '18 lows & the double daily
bottom looks to be in trouble with a lack of follow through leaving the pair
looking heavy today. Bears continue to look for a close below 83.32 to confirm
an easing of bullish pressure and below 82.50 to confirm focus on 2018 lows.
Bulls now need a close above 84.09 to gain breathing room.
MNI London Bureau | +44 0203-865-3809 |