109.40 the level to watch for further USD/JPY weakness

Author: Eamonn Sheridan | Category: News

Via a bank analyst note (the bank much remain unnamed) on the yen.

Main points:
  • weakness in the yen is nearing an end
  • US stock recovery is fueling risk-on sentiment
  • USD strength against other currencies such as the euro is weakening
  • USD/JPY short-term upside risks will remain until it falls under around 109.40
  • yen crosses are still rising but momentum is weakening
Chart below is mine, with 109.40 (ish) highlighted ... I am not convinced it's that much of a critical support though (resistance becomes support notwithstanding). Comments welcome

Via a bank analyst note (the bank much remain unnamed) on the yen.


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