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Makes a Show Under Y104.00 in Asia But Struggles to Build

JPY
MNI (London)
  • Pressure on the USD eventually allowed for a break below Y104.00 in early Tokyo trade, USD/JPY trading to a low of Y103.91 before meeting demand.
  • Rate recovered to Y104.05 into Europe, with rate holding above the figure at writing.
  • Support now seen into Y103.90, a break to expose the recent lows at Y103.69/65(Nov23/18 respectively).
  • Traders aware that the Y104.00 levels holds the strike for $3.45bln of USD puts for Dec3, with $1.9bln of Y103.00 puts rolling off on the same day. This interest, especially around Y104.00 could provide some anchoring effect into next week.
  • However, prelim models suggest month-end Monday could see USD sales at the fixes.
  • MNI Techs: USDJPY is trading lower having stalled this week at 104.76. The inability to push higher exposes support at 103.65, Nov 18 low. A break of this level would signal scope for deeper losses and open the more important bear trigger at 103.18, Nov 6 low. Recent attention has been on the Nov 9 price action, a bullish engulfing candle that signals a potential reversal. Gains above 104.76 are required to refocus attention on 105.68, Nov 11 high.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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