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Recovery Efforts Meeting Resistance at Y108.00

JPY
MNI (London)
  • USD/JPY recovered off Thursday's low of Y107.82 to Y108.23 before closing the day sub Y108.00 at Y107.96.
  • Early Asia nudged rate up to challenge the Y108.00 level into Tokyo before rate came under fresh downside pressure which took it down to Y107.80.
  • Recovery efforts so far remain capped below Y108.00.
  • Support seen at Y107.80, Y107.76(38.2% Y102.59-110.97) with a rising support line, off the Jan06 low, coming through close behind at Y107.72. Break here to expose the base of the 1.0% 10-dma envelope, currently at Y107.42.
  • Resistance Y108.00, Y108.23/26(Apr22 high/50-dma), seen needing a move back through Y108.30/40 to relieve current downside pressure.
  • US flash PMI's 1345GMT and New Home Sales 1400GMT provide data interest
  • MNI Techs: USDJPY maintains a bearish tone following this week's breach of support at 108.41, Mar 23 low. 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. Attention is on 107.77, the trendline support drawn off the Jan 6 low and a next key hurdle for bears. A break would reinforce bearish conditions. 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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