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- USD came under pressure through Monday's NY session, market reacting to reflation discussions (Tr.Sec.Yellen comments at the weekend supporting large fiscal stimulus).
- This in turn provided the weight to accelerate USD/JPY's corrective pullback away from last Friday's high of Y105.77 (Monday's Europe high of Y105.67) taking rate down to Y105.15 with recovery efforts capped at Y105.25.
- Early Asia managed to post a high of Y105.26 before Tokyo applied fresh downside pressure which has taken the rate back below Y105.00 to Y104.75(Dec02 high) into Europe.
- The break below Y104.95 has dented the recent recovery tone and seen bringing Y104.55 into view (50% Y103.33-105.77), though Asian traders have suggested that the Japanese retail sector(Mrs Watanabe) could appear with demand around the Y104.70 level.
- Support Y104.75/70, Y104.60/55, Y104.40. Resistance Y105.15/25.
- Focus to remain on reflation/US fiscal stimulus headlines.
- MNI Techs: USDJPY gains have stalled and the pair is extending the pullback from last week's 105.77 high. The move lower is considered a correction following recent bullish price developments. On Jan 27, the pair cleared a bear channel resistance drawn off the Mar 2020 high and resistance at 104.40 gave way on Jan 28, confirming a resumption of the uptrend that started Jan 6. The next support is seen at 104.47, the 20-day EMA.