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Free AccessUSD/JPY Meeting Headwinds Above Y105.00 But Upside Pressure Persists
- USD/JPY extended its recent recovery, following the break above Y104.40 (Jan11 high), to Y105.04 Monday in NY.
- Failure to bring pressure to bear on reported resistance between Y105.05/15 saw rate ease of to Y104.90, closing at Y104.94.
- The USD came under pressure in Asia as equities led a revival in risk which took rate down to Y104.83 before fresh demand emerged.
- Rate edged to Y105.03 with a shallower pullback to Y104.95 into Europe with the underlying buoyant tone remaining in place.
- Upside pressure reported to be meeting profit take sales from Japanese accounts, but with leveraged and IMM accounts holding decent short positions these could be seen coming under further pressure.
- Support Y104.80, Y104.60, stronger into Y104.40.
- Resistance remains between Y105.05/15, a break to expose Y105.50 then Y105.68(see MNI Techs below).
- MNI Techs: USDJPY bullish conditions remain intact following last week's price developments and the pair is holding onto recent gains. On Jan 27 USDJPY confirmed a clear break of a bear channel resistance drawn off the Mar 2020 high. Resistance at 104.40 gave way on Jan 28, confirming a resumption of the uptrend that started Jan 6 and this also reinforces the significance of the channel breakout. The focus is on 105.68, Nov 11 high. Support is at 104.40.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.