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Recovery Seen Laboured After Another Sub-Y105.00 Show

JPY
MNI (London)
  • Corrective pullback off the Feb17 high of Y106.22, as well as the pullback off Monday's recovery high of Y105.85, managed to make a show under Y105.00 in late NY trade(Feb22 low Y104.98), closing the day around Y105.07.
  • Japan markets were closed for the Emperor's birthday.
  • USD/JPY was pressed to an extended low of Y104.92 in early Asia before it recovered back above Y105.00 through the balance of the overnight session, picking up fresh demand into Europe that has seen it edge on to Y105.18. Rate seen needing a move above Y105.50/60 to relieve current downside pressure.
  • Support Y104.92, Y104.83(76.4% Y104.41-106.22) ahead of Y104.41(Feb10 low).
  • Japanese retail accounts expected to emerge on the bid side in any moves into Y104.50/40.
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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