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Sep 09 - 05:55 AM

USD/JPY - Frustrated USD/JPY Traders Still Hoping For Topside Break

By Richard Pace  —  Sep 09 - 04:42 AM
  • USD/JPY has retreated to familiar 110.00 axis from 3-week highs 110.45 Wed

  • It did close above daily cloud and 55-dma 110.09 Wed, but drops 109.88 Thur

  • Close below today would make further upside less likely near term

  • Talk of buyers by recent 109.60-70 lows, looking for eventual topside break

  • Options covering topside risk Wed, albeit without conviction nL1N2QA0ML

  • Premium for downside options almost totally erased - encouraging for bulls

  • However, pandemic low implied volatility is consistent with range trade

  • Initial USD/JPY technical support 21-100-dma 109.88/79

  • EUR/JPY options alert for ECB, may be some spillover to USD/JPY nL1N2QB0DL

For more click on FXBUZ


JPY=EBS Click here

Source:
Refinitiv IFR Research/Market Commentary

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