MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: BAKER HUGHES US RIG COUNT 589; OIL RIGS 482; GAS RIGS 101

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL JUL INDEX 66.4

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

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

To read the full story

Close

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.