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Recovery Fades at Y104.40

JPY
MNI (London)
  • USD recovery allowed USD/JPY to extend away from its Jan06 low of Y102.59 to Y104.40 Monday with many highlighting the descending resistance line, drawn off the March 2020 high of Y111.71, which came through yesterday at Y104.38, today at Y104.34(today's high Y104.33).
  • Talk of resistance to Y104.50(61.8% Y105.68-102.59), though some suggest a break above Y104.45 could trigger some break out demand. Further resistance seen close behind at Y104.60 ahead of Y104.75/80.
  • Support Y104.10/00, stronger into Y103.70.
  • MNI Techs: USDJPY maintains a firmer tone and traded higher yesterday. The pair has cleared the 50-day EMA, strengthening current short-term bullish conditions. Furthermore, yesterday's climb resulted in prices briefly breaching key resistance, today at 104.34, defined by the top of a bear channel drawn off the Mar 24 high. A channel break would signal a stronger reversal. On the downside, initial support is at 103.60, 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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