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Takes Out 20-, 50-Day EMAs


Weak Global PMIs


Pierces 50-Day EMA


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MNI (London)
DOLLAR-YEN: Release of stronger than expected China PMI data over the weekend
allowed the Asian session to open with decent risk appetite with JPY coming
under pressure. This pressure took USD/JPY to a high in Asia of Y111.18 before
it met stiff resistance into Y111.20. Rate drifted off to Y111.00 into Europe,
eventually breaking below the figure ahead of NY. Rate extended the pullback to
Y110.82 before it bounced, moving to a post 1600BST fix high of Y111.44. Asian
traders earlier noted resistance in place from the earlier mentioned Y111.20,
through to Y111.50, noting as well the 200-dma at Y111.47. A break of Y111.50 to
expose the Mar20 high of Y111.69 ahead of Y111.90(Mar15 high). Support Y110.80. 
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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