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KRW: Under Renewed Pressure

JPY

JPY/KRW has faltered and last deals at KRW9.6105, down ~215 pips on the day, as the won outperformed in the region with Korean stock benchmarks garnering some strength.

  • The yen has faltered as Japan/U.S. 10-year yield gap widened by ~6bp, with JGBs finding poise.
  • The won has proven resilient despite geopolitical risks denting risk sentiment.
  • Bears need a break under Jul 20 low of KRW9.4195 before targeting KRW9.3373, a key near-term support and Jun 9 cycle low.
  • Bulls look for a rebound above KRW9.6956/98, which represent Jul 5 high/23.6% retracement of the 2021 - 2022 sell-off. Above there opens key resistance from Jun 16 high of KRW9.8293.
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JPY/KRW has faltered and last deals at KRW9.6105, down ~215 pips on the day, as the won outperformed in the region with Korean stock benchmarks garnering some strength.

  • The yen has faltered as Japan/U.S. 10-year yield gap widened by ~6bp, with JGBs finding poise.
  • The won has proven resilient despite geopolitical risks denting risk sentiment.
  • Bears need a break under Jul 20 low of KRW9.4195 before targeting KRW9.3373, a key near-term support and Jun 9 cycle low.
  • Bulls look for a rebound above KRW9.6956/98, which represent Jul 5 high/23.6% retracement of the 2021 - 2022 sell-off. Above there opens key resistance from Jun 16 high of KRW9.8293.