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Y103.50 Holds Key For Further Downside Correction.

JPY
MNI (London)
  • Failure at the Y104.40 level Monday, then holding at Y104.33 yesterday, reinforced the importance of the descending resistance line, drawn off the March 2020 high, which today comes through at Y104.31.
  • Comments from Fed officials Tuesday tended to push back any tapering into 2022 and acted to weigh back on UST yields through the NY session.
  • USD/JPY break back below Y104.40 gained added weight which took rate down to Y103.72, closing the day at Y103.75.
  • Opening Asia marked a high at Y103.80 before fresh selling emerged, said to have been led by AUD/JPY sales into the Tokyo fix, which took USD/JPY to an extended low of Y103.53.
  • Rate recovered to Y103.71 into Europe before meeting fresh sell interest.
  • Support seen into Y103.50(Y103.49 50% Y102.59-104.40) ahead of Y103.28-02(61.8%-76.4% respectively).
  • Resistance Y104.00, Y104.31, Y104.40/50.
  • MNI Techs: USDJPY maintains a firmer tone despite yesterday's pullback. The pair earlier this week cleared the 50-day EMA, strengthening current short-term bullish conditions. Furthermore, Monday's climb resulted in prices briefly breaching key resistance, today at 104.31, defined by the top of a bear channel drawn off the Mar 24 high. The channel has contained recent gains. A break would signal a stronger reversal. Support is at 103.49.
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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