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USD/JPY Pares Goto-bi Day Gains Into Europe

JPY
MNI (London)
  • Rejection away from Y103.28, the level corresponding to the 61.8% retracement of the recent move up from Y102.59 to Y104.40, saw rate push up from the posted low of Y103.33 to Y103.89 Friday, closing the week at Y103.76.
  • Goto-bi day demand ahead of the Tokyo fix saw rate edge back up to retest Friday's high, but talk of resistance at and above Y103.90 helped to counter upside momentum.
  • Rate eased to Y103.67 into Europe as risk appetite lost some of its earlier shine.
  • Resistance remains at and above Y103.90, with the bear channel top(which helped capped the recent rally at Y104.20) now coming through around Y104.02. Break here to expose the technically key area of Y104.15/20. Support seen at Y103.55/45 ahead of Y103.33/28.
  • Asian traders report that IMM and leveraged names seen short USD/JPY but facing demand interest from Japanese investors/Mrs Watanabe, the latter showing interest for EM Jpy crosses, notably ZAR/JPY and TRY/JPY.
  • MNI Techs: USDJPY remains above last week's low of 103.33. Attention remains on 104.02, the bear channel top drawn off the Mar 24 high. The channel has contained recent gains and following a failure earlier this month to break higher, has pulled away from recent highs. Fresh weakness would expose 103.28 and 103.02, Fibonacci retracements. On the upside, clearance of 104.02 and 104.40, Jan 11 high would reverse the trend.
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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