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USD/JPY Holds Above Y110.00 But Upside Progress Proves Sticky

JPY
MNI (London)
  • Reported resistance between Y109.90/110.10 stalled Monday's recovery, the rate touching Y110.10 in NY before closing at Y110.07.
  • Rate eased in early Asia to Y110.03 before demand emerged into Tokyo, the interest able to push above Y110.10 to Y110.15 before momentum faded and it drifted off to Y110.05 into Europe.
  • Asian traders highlighted that Japan opposition parties will submit a vote of no confidence in PM Suga over his handling of the COVID pandemic and the Tokyo summer Olympics. However, motion unlikely to succeed and had little FX effect.
  • Market seen more on the defensive ahead of Wednesday's FOMC, taper talk, and the strength of it, to determine next USD direction.
  • The break above Y110.10 now exposes the Y110.33 Jun04 high, a move above to then turn attention on Y110.50/55 ahead of Y110.74/75 and Y110.97.
  • Support Y109.65/60 ahead of Y109.40/35, stronger in the Y109.20 area.
  • MNI Techs: USDJPY has managed to remain above support at 109.19 and is trading higher. The sharp sell-off on Jun 4 and 7 resulted in a print below former support at 109.33, Jun 1 low. However there has not been any bearish follow through and instead, with the pair firmer once again, attention is on 110.33, Jun 4 high. A break would remove bearish concerns and refocus attention on 110.97, this year's high print. Support lies at 109.19, Jun 7 low.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
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MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage

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