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Probes Below Y104.00, Tone Remains Heavy

JPY
MNI (London)
  • Left hand side Tokyo fix interest pressed rate down to Y104.04 in early Asian trade but recently reported demand toward Y104.00 was able to cushion the move.
  • Rate edged back to Y104.15 but sellers quickly emerged to counter and provided the weight to take rate below Y104.00 to Y103.96.
  • Move failed to trigger any further selling and rate edged tentatively back above Y104.00 into Europe.
  • Reports earlier in the week had noted IMM and leverage accounts had increased USD/JPY shorts, with several bank reports suggesting this trade.
  • A clear below Y104.00 leaves Y103.77 exposed (76.4% Y103.18-105.68). Resistance Y104.15/25, Y104.50/60.
  • MNI Techs: USDJPY continues to retrace the Nov 9 strong rally. The outlook remains bullish though. In candle terms, the Nov 9 price pattern is a bullish engulfing line signalling a potential reversal. A break of 105.68, Nov 11high, would reinforce the bullish set-up and signal scope for a climb towards the 100-dma at 105.75 and the early October highs of 106.11. Initial support is at 103.77, a Fibonacci retracement. Key support lies at 103.19.
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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