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Local Press Warns Transnet Could Become Next Eskom


Eyeing Key Resistance


(Z1) Bulls Pause For Breath

Y109.00 Capping Recovery Efforts

  • Failure to advance recent recovery above Y109.00 (high May21 and May24) saw USD/JPY ease back to Y108.71 during Monday trade.
  • Goto-bi day Tokyo fix demand allowed rate to edge to Y108.86 in early Tokyo before rate reversed tack and eased to Y108.68.
  • Rate recovered to Y108.79 into Europe, currently trading around Y108.76.
  • Support seen between Y108.70/50, a break to expose stronger support around Y108.35/30. Resistance seen at Y109.00, a break of Y109.05/15 seen needed to boost recovery hopes, opening a move toward Y109.30 ahead of stronger interest at Y109.50.
  • MNI Techs: USDJPY is consolidating. The pair maintains a bullish outlook despite struggling to hold onto recent gains. A firm support has been defined at 108.34, May 7 low. Attention is on 109.96, Apr 9 high with potential for a climb above 110.00. Note that the recovery May 12 means trendline support drawn off the Jan 6 low remains intact. The trendline however remains under pressure. A break of 108.34 would signal a reversal.