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Y109.20/50 to Determine Next Direction

JPY
MNI (London)
  • JPY came under pressure at the Tokyo fix with USD/JPY pushing back up from support around the Y109.20 level before it met resistance into Y109.45.
  • Post fix and pullback only managed to touch Y109.34 before it lifted back to retest the resistance area again into Europe.
  • Stronger demand has allowed rate to nudge on to Y109.49 though progress remains sticky.
  • Asian traders highlighted that Y109.50 holds the strikes of $1.1bln of USD puts that roll off at today's NY cut and could be adding to resistance here.
  • Resistance is noted at Y109.55/65, a break here seen needed to boost upside potential, failure and focus will switched back toward the downside with support noted around Y109.20 ahead of Y108.98(76.4% Y108.56-110.33)
  • MNI Techs: USDJPY traded lower yesterday extending the pullback from Monday's 110.33 high. The move lower has resulted in a print below initial key short-term support at 109.33, Jun 1 low. This dents the bullish theme and a deeper sell-off would expose 108.56, May 25 low. A recovery would instead refocus attention on 110.33 where a break would open this year's 110.97 high from Mar 31 high.
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
BulletMarketsForeign Exchange BulletsHomepage

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