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USD/JPY Retains Bullish Tone Above Y104.40

JPY
MNI (London)
  • Touched a high of Y104.94 Friday, the extended recovery failing just short of its technical resistance at Y104.95(76.4% Y105.68-102.59) before it eased off meeting support ahead of Y104.60(Friday pullback low Y104.61).
  • Rate touched a high of Y104.75 in early Tokyo before momentum faded and it eased off to retest that Y104.61 level. Demand here cushioned the move and allowed rate to settle between Y104.65/70 through to the Europe open.
  • Support remains into Y104.60 ahead of Y104.40.
  • Asian traders have noted that IMM and leveraged accounts have been trimming shorts, suggest more of this interest could emerge into dips to Y104.35/30.
  • Resistance remains into Y104.94/95 with the area between Y105.05/15 close behind, a break to expose Y105.68(see MNI Techs below).
  • MNI Techs: USDJPY bullish conditions dominate following last week's price developments. The pair on Jan 27 confirmed a clear break of a bear channel resistance drawn off the Mar 2020 high. Resistance at 104.40 gave way on Jan 28, confirming a resumption of the uptrend that started Jan 6 and this also reinforces the significance of the channel breakout. The focus is on 105.68 next, Nov 11 high. Initial support is at 104.40.
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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