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Oct 08 - 05:55 AM

USD/JPY - Bulls Will Struggle From Here

By Richard Pace  —  Oct 08 - 04:00 AM
  • USD/JPY 106.00 break met sellers Wed's, peaked 106.11, also Thursdays high

  • Now within daily cloud - 105.89-106.17 - break/close above can help bulls

  • However, bearish USD outlook should limit topside toward 100-dma 106.53

  • Big offers ahead. Traded volumes low, many traders likely side lined

  • FX options yet to be convinced about topside potential, wary of setback

  • Focus on U.S. election - 1-month implied vol firmer since election capture

  • Options retain a relatively high premium for downside protection too

  • Initial support at daily cloud base 105.89 and 55-dma 105.76



JPY=EBS Click here

Source:
Refinitiv IFR Research/Market Commentary

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