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USD/JPY Remains Heavy Below Y104.00-10.

JPY
MNI (London)
  • USD/JPY Continued to grind lower through Wednesday's session to a low of Y103.65 into the 1600GMT fix, recovering to Y103.88 ahead of its Y103.82 close.
  • USD opened firm in Asia, as recent risk appetite faded on COVID spread(Tokyo reporting increased infections) which took USD/JPY to an early Tokyo high of Y103.98. Asian traders have suggested leverage interest likely to be in place between Y104.00-10.
  • Rate eased back to Y103.72 before it picked up fresh demand, lifting it to Y103.92 in early Europe.
  • Support Y103.72, Y103.65 ahead of Y103.50. Resistance, as stated, seen between Y104.00-10 ahead of Y104.20 and Y104.50.
  • Recent reports have suggested that IMM and leverage accounts have increased their short USD/JPY positions, whilst major banks have been recommending this trade.
  • Asian traders have been a little surprised that no comment so far heard from Japanese officials concerning recent JPY strength but suggest they will be watching.
  • MNI Techs: USDJPY continues to retrace the Nov 9 rally. The outlook is bullish though based on the Nov 9 price action. In candle terms, the price pattern on this day is a bullish engulfing line signalling a potential reversal. A break of 105.68, Nov 11 high would reinforce a bullish set-up trigger stronger gains exposing the 100-dma at 105.71 and the early October highs of 106.11. Key support is at 103.18, Nov 6 low. A break would reinstate a bearish theme.
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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