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USD/JPY Finds Support Around Y108.20 Post BOJ

JPY
MNI (London)
  • USD/JPY met support Monday at Y107.65/60 (low Y107.64) before rate resumed its recovery off Friday's low of Y107.48, the eventual break of earlier recovery highs at Y108.15 only able to take it on to Y108.20 through the 1600BST fix, closing the day at Y108.09.
  • Rate picked up stronger demand at the Tokyo open, the interest able to take it through reported sell interest in the Y108.20-25 area before topping out at Y108.39 into BOJ.
  • BOJ offered no surprises, unchanged rates, upgraded growth forecasts.
  • Rate eased to Y108.19 before meeting fresh demand interest into Europe.
  • Support Y108.00, Y107.82, Y107.69/64, Y107.48.
  • Resistance Y108.39, Y108.55 ahead of Y108.80/85.
  • MNI Techs: USDJPY traded below pivot support last week at 107.77, a trendline drawn off the Jan 6 low. The line intersects at 107.90 today. A clear breach of this trendline is required to strengthen a bearish case and this would signal scope for an extension lower towards 106.78, a Fibonacci retracement. For now, the trendline is holding. A strong break of resistance at 108.68, the 20-day EMA, would ease bearish pressure.
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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