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Y109.20 Support Proves Itself Again

JPY
MNI (London)
  • USD/JPY again met support into the Y109.20 area, the rate touching a low of Y109.23 Wednesday before bouncing back to Y109.66, closing at Y109.64.
  • Early demand in Asia saw rate edge to Y109.68 before reversing under the influence of EUR/JPY sales which pressed it back to Y109.52 before it settled around Y109.55 into Europe.
  • Resistance remains around the Y109.64/66 area, a break to open a move toward Y109.90/110.05 ahead of Y110.33.
  • The area between Y109.55-65 holds the strikes of $2.5bln of USD put option expiries for today's NY cut and seen adding to the resistance in this area.
  • Support seen into Y109.50, a break to again expose the stronger support area around Y109.20, a break to bring Y109.00-108.98 into play.
  • Asian traders continue to report Japanese retail interest to move into dips, especially around Y109.00 and Y108.60/50.
  • MNI Techs: USDJPY recovered Wednesday but has failed to make significant progress through last Friday's NFP inspired decline. The recent move lower 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 resume the uptrend and 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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