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Stiff Resistance Above Y106.00 Keeps Recovery Efforts at Bay

JPY
MNI (London)
  • A rise in UST yields into the Asia session, along with Goto-bi day Tokyo fix demand, provided the demand to lift USD/JPY back above Y106.00, though move to Y106.14 said to have met stiff headwind resistance from a domestic trust bank and Japanese retail accounts.
  • As UST yields eased so USD/JPY drifted back to Y105.85(23.6% Y104.92-106.14), meeting support between Y105.85/80.
  • As UST yields edged higher again so USD/JPY has edged back to Y105.96 into Europe.
  • Resistance noted at Y106.14 ahead of Y106.22(Feb17 YTD high/50% Y109.85-102.59). Break to expose Sep07/08 highs at Y106.38 ahead of Y106.50/55.
  • Support Y105.85/80, Y105.65/50.
  • UST yields remain a key driver for direction along with Fed speak (Bostic 1330GMT, Bullard 1530GMT, Quarles 1610GMTWilliams 2000GMT).
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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