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- 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.