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Risk on Brings YTD High of Y105.77 Back Into Play.

JPY
MNI (London)
  • USD/JPY touched an extended recovery high of Y105.42 Monday with corrective holdbacks held shallow at Y105.30 into the close.
  • JPY came under further pressure in Asia as risk trades moved to the fore taking rate on to a high of Y105.63 before momentum faltered.
  • Rate dipped back to Y105.42 but was edging higher again into early Europe, currently around Y105.54.
  • Resistance seen at Y105.67(Feb08 high) ahead of the Feb05 posted YTD high at Y105.77.
  • Asian traders have been aware that the Japanese retail community (Mrs Wattanabe) have been holding decent sized long positions in this move up and are expected to fade into rallies, suggested between Y105.70-106.00.
  • Support seen into Y105.30, stronger between Y105.00-104.90.
  • MNI Techs: USDJPY found support last week at the Feb 10 low of 104.41 and has extended the recovery from this low. A bullish theme dominates following recent developments. On Jan 27, the pair cleared a bear channel resistance drawn off the Mar 2020 high and resistance at 104.40 gave way on Jan 28. The focus is on 105.77, Feb 5 high and the bull trigger.104.41 is key support with initial support at 104.91, yesterday's low.
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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