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Greece & Portugal Receive Upgrades


Support Still Intact




Timeline of key events (Times BST)

YEN: JPY has benefitted from the risk off nature of the session, but has moved
away from its strongest levels as the Nikkei 225 reverses its earlier losses to
now trade higher. USDJPY sits at 105.80, with EURJPY at 13135 & AUDJPY at 82.55.
- The BoJ left the size of its purchases in the 1-5 & 10-25+ Year buckets
unchanged at today's Rinban operations, while Fed Governor Brainard sounded a
little more upbeat on the economy, although she did point to the asymmetry of
the inflation target.
- The YtD low of 105.22 remains integral for USDJPY. Resistance layers are
accumulating and bulls need a close above Y106.54 to gain breathing room.
- AUDJPY's although the Bollinger base and O/S daily studies are key concerns
for bears. Bulls now need a close above 83.32 to gain breathing room and above
84.89 to target key DMAs clustered 86.45-58. Bears need a close below 82.15.
- For EURJPY fresh 2018 lows lacked follow through, and we now sit around Mar
6's hourly support level. Bulls look for a close above the 21-DMA at 132.23 to
shift initial focus to Y133.05-134.16 where 55 & 100-DMAs are situated. Key
support is now noted at 130.58.
MNI London Bureau | +44 0203-865-3809 |