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Remains Below Y109.00. Key Support Noted at Y108.41.

JPY
MNI (London)
  • Wednesday saw USD/JPY break below Y109.00 in Tokyo trade, the rate touching a low of Y108.75 before recovering but the move back above Y109.00 proved tough to hold, the rate hitting Y109.09 before it settled between Y108.88/109.00 through to the close.
  • Asia extended the corrective pullback to Y108.81, then settled around Y108.90, picking up fresh demand into Europe which has edged it to Y108.96 at writing.
  • Resistance remains between Y109.00/10(area holds the strikes of $1.7bln of USD puts for today's NY cut), a break to expose Y109.25/35 ahead of Y109.50.
  • Support Y108.80/75, Y108.65(38.2% Y104.92-110.97), stronger into the Mar23 low at Y108.41.
  • Risk appetite, UST yields remain key drivers of direction.
  • US data dump today including Retail Sales, Empire Mfg, Weekly Jobless Claims 1230GMT, US IP and Cap.Ut. at 1315GMT.
  • MNI Techs: USDJPY remains vulnerable and is trading at recent low. A bearish theme follows the recent pullback from the Mar 31 high. The pair traded lower Wednesday reinforcing the current bearish cycle, signalling scope for an extension towards 108.41, Mar 23 low and a key short-term support. The current pullback is likely a correction that is allowing a recent overbought trend condition to unwind. Initial resistance is at 109.96, the Apr 9 high.
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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