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Meeting Stiff Resistance ahead of Y110.00.

JPY
MNI (London)
  • Thursday's break above resistance in the Y109.20/35 area provided the impetus for it to break through Y109.50 before moving on to Y109.92, closing the day at Y109.84.
  • Rate held above Y109.80 in early Asia before early Tokyo extended recovery to Y109.96 before meeting decent resistance on the approach to Y110.00.
  • Asian traders reported profit take sales with option linked sell interest noted ahead of the figure (Y110.00 holds the strikes for $2.0bln USD puts for today's NY cut).
  • Break above Y110.00 to expose Y110.15/22(76.4% Y110.97-107.48/top of 1.0% 10-dma envelope).
  • Support Y109.60/50 ahead of Y109.35/25.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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