Richard Perry
Independent Analyst
USD/JPY
The elevate prospect of a Brexit deal is having a key impact on risk appetite. A key turnaround in the outlook for a deal has driven Dollar/Yen to a decisive breakout above 108.50. This now means that the more considerable resistance of the early summer pivot at 109.00 is now to be tested. This is continuing a run of higher daily lows over the past six sessions, showing that intraday weakness remains a chance to buy. Momentum is well positioned for a test of 109.00, even if there has been a minor slip back in the early moves this morning. Weakness remains a chance to buy. The hourly chart shows a band of initial support 108.45/108.60 today whilst the bulls remain in control above 108.00. The resistance at 109.00 is crucial on a medium term basis as a breakout would be a four month high, but also be a decisive signal of ongoing recovery potential.
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