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USD/JPY Makes a Show Above Y109.00 But Struggles to Build

JPY
MNI (London)
  • Breaks above Y109.00 as rate eventually reacts to the sharp rise in UST yields.
  • Asian traders had reported resistance from Y109.00 through to Y109.20, which has restricted the move to Y109.06, interestingly with the top of the 1.0% 10-dma envelope coming in just above at Y109.07.
  • A break here to expose the Mar09 YTD high at Y109.23, above and Y109.56 (76.4% 111.71-102.59) moves into view.
  • Support seen at Y108.50, more into Y108.35/30(this area holding 2.26bln of USD puts for today's NY cut).
  • UST yields remain the key driver for direction.
  • MNI Techs: USDJPY is holding onto the bulk of recent gains. The outlook remains bullish. Attention is on the Mar 9 high of 109.23. Clearance of this hurdle would confirm a resumption of the uptrend with scope for 109.56, a key retracement level. Momentum studies remain in overbought territory however this is still not having an impact on the trend and instead the set-up continues to reinforce the current bullish mood. Support is at 107.82, Mar 5 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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