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Touches Y104.00. UST Yields, NFP to Provide Next Direction

JPY
MNI (London)
  • Rising UST yields have fuelled USD/JPY's recovery off Wednesday's low of Y102.59, allowing rate to touch Y104.00 in early Tokyo trade.
  • Failure to push through this level saw rate drop back to Y103.78 before fresh demand emerged to nudge it back to Y103.96 into early Europe.
  • Japanese investors cited for providing the main upside drive, demand linked to the rise in UST yields.
  • $790mln of Y103.90 strike USD puts roll off at today's NY cut, with $1.2bln of Y104.00 USD puts maturing Monday.
  • UST yields and today's US Employment Report to provide the main directional impetus through the day, along with US political developments.
  • Support Y103.80/75, Y103.50. Resistance Y104.00-15, recently opened short positions could be pressured on break of Y104.20. Stronger resistance seen into Y104.50.
  • MNI Techs: USDJPY rallied yesterday extending the recovery off Wednesday's 102.59 low. The pair is testing the 50-day EMA at 103.97. A break would strengthen S/T bullish conditions and signal scope for stronger rally. This would open 104.13 and 104.45. The former is a Fibonacci retracement and the latter, the top of a bear channel drawn off the Mar 24 high. A channel break out would signal a reversal. On the downside, 102.59 is the bear trigger.
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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