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USD/JPY Cushioned Below Y108.00

JPY
MNI (London)
  • Nikkei opening Tokyo in the red provided the weight to take USD/JPY below Y108.00, the rate touching Y107.97 but it ran into willing buyers, suggested to be linked to Tokyo fix interest, which bounced rate back to Y108.32.
  • Asian traders noted that Japanese retail accounts(Mrs Watanabe) have begun to show demand interest and likely to appear into any dips.
  • Rate eased to Y108.10 before it picked up fresh demand interest which has edged it back toward the earlier high into Europe.
  • Resistance is seen at Y108.30/40, a break to open a move on toward Y108.60.
  • Support Y107.97/94(intraday low/50% 104.92-110.97), with the rate respecting the base of its 1.0% 10-dma envelope, currently at Y107.92. Break of Y107.90 to open a deeper move toward Y107.76(38.2% 102.59-110.97 - 2021 range) .
  • MNI Techs: USDJPY bearish pressure Monday saw the pair trade below support at 108.41, Mar 23 low and a key short-term level. The break confirms an extension of the current bearish cycle and note, the 50-day EMA at 108.13 is also under pressure. Clearance of the average would suggest scope for weakness towards 107.57, trendline support drawn off the Jan 6 low. Initial resistance is at 109.12, the 20-day EMA.
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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