USD/JPY is held to the 116.20 area, with all the focus now skewed toward 116.00 handle, where sizeable option positions are noted. A large Japanese bid at 116.20 has underpinned since midway in the European morning. Sources are noting regular bids on the EBS machine at 116.21/22, fueling vague talk of quasi-official interest.
Real money based activity and importer bids have been confirmed at higher levels and good sized protective bids from the options market appear to be slowing the pace of the decline. Modest size stops are noted below 116.20 and a congestion of buyers is anticipated into 116.00.
Technically, 116.20 represents the 200-day moving average and a 61.8% fibo support. In this respect, proprietary names, system accounts and CTAs should also emerge around this pivot.
No comments:
Post a Comment