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Spot JPY/KRW failed to make much headway beyond its previous YtD low printed on Apr 6, as it sold off in the second half of May. After registering fresh YtD trough at KRW10.0902, the rate has recovered somewhat, but failed to take out the 38.2% retracement of the May 17 - Jun 1 slide at KRW10.2208.

  • The rate now hovers within fairly close proximity to its YtD lows, last -0.0157 at KRW10.1637. A break here is needed to revive the bearish case. Conversely, a clearance of the aforementioned 38.2% Fibo level would shift bullish focus to the 100-DMA, which limited gains on May 17 and last intersects at KRW10.3649.

Fig. 1: JPY/KRW

Source: MNI - Market News/Bloomberg