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Whilst USD/JPY Holds Above Last Week's Y109.33 low Keeps Outlook Buoyant.

JPY
MNI (London)
  • USD positioning ahead of Friday's US NFP release had seen USD/JPY pushed to a high of Y110.33 with the actual release coming in below forecast prompting a move back out of USD's which in turn pressed rate down to Y109.37 before rate settled around Y109.50 into the close.
  • NFP was watched for clues toward the FOMC timetable for tapering, however release not likely to accelerate taper discussions.
  • Trade in Asia saw rate held within a range of Y109.47/64 for the most part before it was shoved down to Y109.38 ahead of the Europe open.
  • Move failed to extend the NFP react low, edging back above Y109.50 into Europe.
  • Support Y109.38/33, Y109.23/21(61.8% 108.56-110.33/55-dma, 50-dma) ahead of Y109.00. Resistance Y109.75, Y109.95/110.10, a break here to expose Y110.33 ahead of Y110.50/55.
  • MNI Techs: USDJPY reversed the entirety of the Thursday gains into the Friday close. Despite the pullback, the pair remains above initial key short-term support 109.33, Jun 1 low and the outlook remains bullish. A recovery near-term and importantly a break of 110.33, Jun 4 high would resume the recent recovery and expose the year's high print of 110.97 from Mar 31. Weakness through 109.33 would instead expose 108.56, May 25 low.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
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MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
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