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USD/JPY Meets Headwinds Again into Y109.80

JPY
MNI (London)
  • Recovery off Monday's low of Y109.25, seen at the NY open, picked up momentum in Tokyo as the USD reacted to comments from Fed Bullard, which hinted at tapering due to vaccine rollout and its effects on US recovery, though added that he would leave taper talk to Fed Powell.
  • UST yields led USD/JPY to a high of Y109.75 before meeting willing sellers, leverage names had been expected to fade any move higher, though were expected to emerge into Y109.90.
  • Rate currently trades around Y109.56.
  • Support remains at Y109.25/20 ahead of stronger level at Y109.00.
  • Resistance Y109.75/77(intraday high/Apr12 high), stronger into Y110.00
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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