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Option Interest Keeps Rate Anchored Close to Y108.00

JPY
MNI (London)
  • Pivoted Y108.00 through the Asian session with traders noting institutional demand, along with ongoing Japanese retail account sector(Mrs Watanabe) interest to buy dips, whilst citing algo supply for providing main resistance.
  • Trade in Asia was contained within Y107.92-108.14.
  • Traders aware that the Y108.00-05 area sees $1.8bln of option expiries for today's NY cut, with the area between Y108.30/40 holding strikes of $2.6bln of USD puts rolling off same time.
  • Support Y107.92/88 ahead of Y107.76(38.2% 102.59-110.97(2021 range)) with the base of the 1.0% 10-dma envelope (which the rate has been respecting) has moved down to Y107.59. Resistance Y108.30/40, with a break of Y108.55 to boost recovery hopes.
  • MNI Techs: USDJPY maintains a bearish tone following this week's breach of support at 108.41, Mar 23l. The break and subsequent follow through confirms an extension of the current bearish cycle and note, the 50-day EMA at 108.13 has been breached. This exposes 107.70, trendline support drawn off the Jan 6 low and the next key hurdle for bears. Initial resistance is at 108.93, the 20-day EMA.
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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