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USD/JPY Grinds Higher, Y107.00 Moves Into View

JPY
MNI (London)
  • Continued to claw its way higher, the rate edging to Y106.93 in Asia but was seen meeting mild headwinds ahead of Y107.00.
  • Suggestion that Japanese retail sector will look to fade rallies, possibly toward Y107.00, with technical resistance noted close behind at Y107.00/10.
  • Break of this latter area expected to place pressure on stale short positions (IMM and leverage accounts said to be holding these).
  • Break out types expected to emerge should we break Y107.50.
  • Support Y106.70, Y106.50, Y106.22.
  • MNI Techs: USDJPY outlook remains bullish. Last week's gains above Y106.22, Feb 17 high, confirmed a resumption of the current uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies remain in a bull mode reinforcing current conditions and price remains above its trendline support drawn off the Jan 1 low. The focus is on Y106.95 and Y107.05, Aug 28/13, 2020 highs. Support lies at Y105.85, Feb 25/26 low.
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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