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USD/JPY Pivots Y108.00, Contained Between 55-dma and 50-dma

JPY
MNI (London)
  • USD/JPY pressed back below Y108.00 in early Tokyo, the rate able to move through Tuesday's low of Y107.97 to Y107.88 before meeting willing buyers.
  • Local traders mentioned Tuesday that Japanese retail sector(Mrs Watanabe) were showing interest to buy dips, demand from here, as well as demand interest into the Tokyo fix, linked to the move back to Y108.11.
  • Rate retested lows post fix, demand emerged again for a retest of Y108.11 with rate settling around Y108.00 in early Europe.
  • Nothing stand out on the option expiry calendar for today's NY cut but Thursday sees $1.5bln rolling off with strikes set at Y108.00-05, and $2.4bln of USD puts maturing between Y108.30/40.
  • Support Y107.88, Y107.86(55-dma) ahead of Y107.76(38.2% 102.59-110.97 - 2021 range), base of the 1.0% 10-dma envelope eases to Y107.71 and Y107.60/50. Resistance Y108.11, Y108.14(50-dma), Y108.50/55.
  • MNI Techs: USDJPY maintains a bearish tone following this week's breach of support at 108.41, Mar 23l. The break and subsequent follow through confirms an extension of the current bearish cycle and note, the 50-day EMA at 108.13 has been breached. This exposes 107.64, trendline support drawn off the Jan 6 low and the next key hurdle for bears. Initial resistance is at 109.02, the 20-day EMA.
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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