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USD/JPY Pullback Meets Support at Y104.50/40

JPY
MNI (London)
  • USD/JPY met decent support into Y104.50 Tuesday but recovery efforts from this level remained very shallow into the close.
  • Demand into this morning Tokyo fix managed to lift rate to Y104.71 but reversed quickly back to challenge that Y104.50 level in post fix trade.
  • Asian traders have suggested that profit take interest from the Japanese retail sector(Mrs Watanabe), as well as from some leveraged accounts, are placed between Y104.50/40.
  • The probe below Y104.55(50% Y103.33-105.77) brings next technical supports into play at Y104.26(61.8%) then Y103.90(76.4%)
  • Resistance Y104.70/75 ahead of Y105.00.
  • MNI Techs: USDJPY traded sharply lower Tuesday extending the pullback from last week's 105.77 high. The move lower is considered a correction following recent bullish developments. On Jan 27, the pair cleared a bear channel resistance drawn off the Mar 2020 high and resistance at 104.40 gave way on Jan 28, confirming a resumption of the uptrend from Jan 6. The next support is at 104.48, the 20-day EMA. A trendline support lies at 104.27.
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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