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USD/JPY Back On Y113 Handle

JPY

Tuesday’s recovery in risk appetite allowed USD/JPY to recapture the Y114 handle, trading as high as Y114.22 in the process. Note the rate was seemingly capped as long end U.S. Tsy yields topped out on the back of a well-received round of 20-Year U.S. Tsy supply, with subsequent spill over observed in early Asia dealing. That leaves the rate 15 or so pips lower on the day, hovering around the Y113.95 marker.

  • The Dec 15 high (Y114.26) continues to present the initial technical resistance level, with the 61.8% & 76.4% retracements of the Nov 24-30 downleg (Y114.38 & Y114.81) layered in above there. Initial support comes in at the Dec 17 low (Y113.14). Our technical analyst notes that a break of the aforementioned Dec 15 high would allay developing bearish concerns.
  • Wednesday’s Asia-Pac session is bereft of any notable tier 1 data release, which will leave headline flow at the fore.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage

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