Last Friday's high of 109.77 still proving to be a stubborn resistance level for buyers
The pair rises to a session high of 109.83 moments earlier, only to have fallen back down to 109.73 now. As Mike also pointed out here, offers are sitting close by at 109.85 as well.
Buyers remain in control as price remains above the 100 and 200-hour MAs, and yesterday buyers leaned on said level (blue line) after a failed test to break above the 109.77 level, before a push higher again.
For buyers, breaking above this level will be key for the next level to the topside - although the daily chart shows that it is not that far away:
The 50.0 retracement sits at 109.93 and that could also prove to be a hindrance for buyers but if they can hold the momentum then the we could start seeing topside levels be attractive again. But more importantly, they would also have to go through the psychological level at 110 (where there are large offers also sitting).
The yen is relatively weak today after the BOJ intervened via its JGB purchase operations and offered to buy unlimited amounts of 10-year JGBs at yields of 0.11% - first time since July last year when 10-year JGB yields threatened the 0.1% threshold as well.
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