Momentum fund selling has sent USD/JPY towards the 120.00 triggers. The fund activity picked as USD/JPY made steady downside progress after topping out at 120.50/55 midway in the European morning. Sellers have included large Japanese names, a UK clearer and a US investment house.
Demand has been noted from real money name and a quasi-official account believed to be Kampo. Options support is also prevalent at these levels ahead of a large 120-123 trigger whichis due to run until Friday. A break of 120.00 would trigger a considerable amount of stops, with further interest noted at 119.80 and 119.70 according to sources.
No comments:
Post a Comment