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Y104.40 Next Upside Hurdle

JPY
MNI (London)
  • USD demand Wednesday managed to break USD/JPY back above Y104.00 but failed to find the momentum to take it through technical resistance at Y104.20.
  • Rate posted an opening low of Y104.07 in Asia before Tokyo spiked it through Y104.20, the added demand able to edge it on toward the Jan11 YTD high of Y104.40 but was seen meeting headwinds on the approach (high so far Y104.38).
  • Expect further resistance in the Y104.40-50 area, a break to expose the Dec02 high at Y104.75.
  • Initial support now seen at Y104.20 then Y104.00.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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