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Near Term Break Out Levels Seen at Y104.40 and Y105.00

JPY
MNI (London)
  • USD/JPY again met decent resistance at Y104.84(Feb10 high and 38.2% Y105.77-104.41) in earlier Asian trade (Tokyo returning after its Thursday holiday, albeit into a Lunar New Year thinned Asian session).
  • Traders also note that a total of $3.7bln option interest rolls off at today's NY cut with strikes between Y104.85/105.00, $3.49bln of this being USD puts, the major interest at Y105.00.
  • Rate managed to break above Y104.84 into the Europe open, traded to Y104.89 before momentum faded, currently sitting back below Y104.85.
  • A break of Y105.00 to expose Y105.09(50% Y105.77-104.41) then Y105.25-45(61.8%-76.4%). Support remains into Y104.40 ahead of Y104.25/20.
  • MNI Techs: USDJPY has found some support off Wednesday's low of 104.41. The recent move lower from 105.77, Feb 5 high is considered a correction. The outlook remains bullish following recent price developments. On Jan 27, the pair cleared a bear channel resistance drawn off the Mar 2020 high and resistance at 104.40 gave way on Jan 28. The support zone to watch is 104.51/41, the 20-day EMA and a trendline drawn off the Jan 6 low.
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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