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USD/JPY Again Bumps Into New 2021 Highs

JPY

The rate remains strong, with the break of the downtrend channel top at 104.40 last week still proving influential. This reinforces the current bulltrend and underlying bullish conditions which have extended to five consecutive sessions of gains for the pair. This narrows the gap with 105.16 November 13th resistance but medium-term focus rests on the key 105.68 mark - this marks the key November 11th high.

  • Firmer global equity markets Tuesday are further helping, with the sectoral breakdown further reinforcing today's risk appetite (consumer discretionary outperforming, utilities and healthcare lagging).
  • Larger option expiries today could also be exerting some influence, with $530mln due to roll-off at the Y106 handle today.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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