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UST Yields Keep USD/JPY Buoyed

JPY
MNI (London)
  • USD recovery continued in Asia which allowed USD/JPY to extend its correction away from Wednesday's low of Y102.59 to Y104.22.
  • Rate eased off to Y104.10 ahead of the European open but has since edged back toward the earlier high.
  • Asian traders have noted that IMM and hedge funds remain short the pair with some likely to feel the pressure should we clear above the Y104.20 level. A break expected to meet fresh resistance at Y104.38(see MNI Techs below) then between Y104.50/60.
  • Traders watch UST yields for direction.
  • Main support seen down at Y103.60/50.
  • Reports suggest that the USD expected to come under fresh pressure once this current correction has exhausted.
  • MNI Techs: USDJPY maintains a firmer tone and has extended the recent climb off 102.59, Jan 6 low. The pair has cleared the 50-day EMA, strengthening current short-term bullish conditions. This has opened a key resistance at 104.38, the top of a bear channel drawn off the Mar 24 high. A channel break, if seen, would signal a stronger trend reversal. On the downside, 102.59 is the bear trigger. Initial support is at 103.53, the 20-day EMA.
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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