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USD/JPY Opens Europe Firm, Focus on Y104.27-40 Resistance Area.

JPY
MNI (London)
  • Recovery off Wednesday's low of Y103.53 met resistance at Y104.20, the level corresponding to the 76.4% retracement of the recent move down from Y104.40 to that mentioned low.
  • Recovery off the low on Wednesday touched a high of Y104.00, settling around Y103.90 through the NY session. Early Asia continued that consolidation until market reaction to a CNN report, suggesting US president elect Biden set to announce a COVID aid package of around $2tln boosted the USD (via a rise in UST yields reacting to expected inflation outlook).
  • As mentioned USD/JPY met resistance at Y104.20, eased off to Y103.96 but has edged back to Y104.10 in early Europe.
  • Support remains between Y104.00-103.95 ahead of Y103.80/75, Y103.53. Resistance Y104.20, technical resistance Y104.27(bear channel top) ahead of recent highs at Y104.33-40. A break of Y104.50 to expose Y104.75/80.
  • MNI Techs: USDJPY maintains a firmer tone despite the recent pullback. Attention is on 104.27, the top of a bear channel drawn off the Mar 24 high. The channel has contained recent gains however a break would signal a stronger reversal. This would open 104.76, the Nov 24 high. On the downside, support to watch lies at 103.53, Jan 13 low. A move through this low would highlight a possible reversal from the channel top and allow for a deeper pullback.
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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