Free Trial

JPY crosses have moved higher in early..........>

YEN
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 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

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.