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Shallow Pullbacks Keep Y111.00 in View

JPY
MNI (London)
  • Rejection away from the Y111.00 area Wednesday (high Y110.97) prompted suggestion that the figure holds barrier interest (not confirmed). Failure to bring level under pressure into early Europe saw spec longs cover back which pressed rate to Y110.51 ahead of NY.
  • Month-end flow saw USD sales (though not too strong vs JPY) which extended the pullback to Y110.42 before rate recovered through the month-end fix, closing the day at Y110.71.
  • Demand into the Tokyo fix lifted rate to Y110.82 but once that interest faded so rate drifted lower, eased to Y110.57 before it reacted to general USD demand ahead of the European open, edging it back to Y110.78.
  • Support noted into Y110.40 ahead of Y110.20,m a hold in this area to keep upside in view and a retest on Y111.00. Break here to open potential toward Y111.30(see MNI Techs below), Y111.50 then Y111.75 with resistance expected toward larger barrier interest at Y112.00.
  • MNI Techs: USDJPY is holding onto recent gains and remains bullish. The climb on Mar 26 above 109.36, the Mar 15 high confirmed a resumption of the uptrend and note, 109.56 has been breached, a key retracement - 76.4% of the Mar 2020 - Jan downleg. This sets the scene for a climb towards 111.30 next, Mar 26, 2020 high. Overbought conditions are still not impacting this trend and instead continues to reinforce current sentiment. 108.41 is key support.
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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