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USD/JPY Under Pressure Into Europe

JPY
MNI (London)
  • Demand into the Tokyo fix acted to push USD/JPY up from Y103.50 to Y103.64, holding just off of its opening high of Y103.65.
  • Move up said to have met leveraged sell interest and rate eased off through the balance of the session and into early Europe to Y103.40.
  • Pressure persists at writing with next support seen at Y103.32/28, with stronger support expected into Y103.00.
  • Traders note that $1.57bln of Y103.00 USD puts roll off at today's NY cut and expected to draw demand interest ahead.
  • Break here exposes the recent low at Y102.88(Dec17 low).
  • Resistance Y103.65/75, stronger into Y104.00
  • MNI Techs: USDJPY maintains a bearish tone. The pair traded lower Dec 17 and cleared support at 103.18, Nov 6 low. This confirmed a resumption of the underlying downtrend that started late March. The next objective is set at 102.75, the 1.00 projection of the Oct 7 - Nov 6 downleg from the Nov 11 high. Further out the break lower opens 102.00 and below. On the upside, Monday's high of 103.89 is seen as initial resistance. The 20-day EMA is at 103.87.
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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