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Probes Below Y103.50, Recovery Efforts Seen Shallow

JPY
MNI (London)
  • Recent reported strong support at Y103.50 was broken in Asia, the rate pressing down to Y103.42 before bouncing back to Y103.60.
  • Asian traders had noted that the recent demand at Y103.50 had been pulled but suspect interest continues to lurk into dips.
  • An easing in UST yields fuelled the move lower in Asia, but seen recovering into Europe allowing for the edge back above Y103.50.
  • However, USD/JPY recovery efforts posting lower highs and seen keeping outlook toward the downside. A move above Y103.70, then Y104.00 seen needed to negate current short term pressure.
  • Support now seen into Y103.30/20 ahead of Y103.00. Resistance above Y104.00 seen at Y104.20/30, Y104.50/60.
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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