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Y107.00 Remains Upside Hurdle

JPY
MNI (London)
  • USD/JPY failed to build the momentum to break above Y107.00 Tuesday, the rate touching an extended recovery high of Y106.96 ahead of Tuesday's NY open, before rate drifted off to Y106.68 in response to an easing in UST yields.
  • Tokyo fix demand provided an added recovery boost that took rate back to Y106.90, with rate retaining a buoyant feel into Europe.
  • Talk Tuesday suggested Japanese retail interest to fade rallies toward Y107.00. Whilst rate holds below the figure speculation of barrier interest at this level likely to build, though no confirmation heard.
  • Further resistance expected through to Y107.10, a break here expected to apply pressure on reported short positions (IMM and leveraged accounts mentioned). Further resistance expected into Y107.50, break here expected to boost any short covering.
  • Near term support Y106.50/40.
  • MNI Techs: USDJPY outlook remains bullish with the pair holding onto recent gains. Last week's break of Y106.22, Feb 17 high, confirmed a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. MA studies remain in a bull mode reinforcing current conditions and price also remains above its trendline support drawn off the Jan 1 low. The focus is on Y107.05, Aug 13, 2020 high. Support lies at Y105.85, Feb 25/26 low.
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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