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Resistance Remains at and Above Y103.90

JPY
MNI (London)
  • Pullback off Monday's high, seen in NY, of Y103.94 extended in Tokyo to Y103.66 before settling between Y103.70/75.
  • Asian traders have reported decent resistance remains in place at and above Y103.90, the bear channel top, which was linked to resistance at Y104.40, by time has now eased to Y103.99(also 61.8% Y104.40-103.33). A break above Y104.00 exposes the Jan19 high at Y104.09 ahead of stronger area between Y104.15/20.
  • Support Y103.60 then Y103.40, a break to expose Y103.33/28(Jan21 low/61.8% 102.59-104.40).
  • Reports favour long JPY positions, talk that IMM and leveraged accounts are sitting short USD/JPY, which could suggest that a break of Y104.20 would place this interest under pressure. Reports Monday noted Japanese investor and Mrs Watanabe interest to buy USD/JPY dips, favouring demand for ZAR/JPY and TRY/ZAR.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
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MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
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