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USD/JPY Pivots Y109.00, Awaits FOMC, BOJ for Next Direction

JPY
MNI (London)
  • USD/JPY continues to pivot Y109.00 awaiting next direction from tonight's FOMC, the BOJ Friday.
  • According to Asian traders support noted at the Y108.80 level, whilst resistance seen at Y109.30.
  • A break of Y108.80 to expose next support area between Y108.60/50.
  • Above Y109.30 any move higher will have to contend with the Y109.36/39 area, a break here to bring the Y109.56 level into play(76.4% Y111.71-102.59)
  • Market seen favouring the USD ahead of the FOMC, the market positioned in case of any hawkish tilt in Fed Powell's comments/Dot plot rate forecast.
  • MNI Techs: USDJPY is holding onto recent gains. Trend conditions are bullish and Monday's break to a fresh trend high confirms a resumption of the uptrend. Attention is on 109.56, a key retracement level. Momentum studies are still in overbought territory however this is not having an impact on the trend and instead, the set-up continues to reinforce the current bullish mood. Support to watch is at 108.34, Mar 10 low. A break would alter the short-term outlook.
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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