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- Initial extreme moves during the UK trading session on Friday were pared back, but Brexit volatility unlikely to fade away anytime soon.
- Talk of Bank of Japan intervention saw USD/JPY clock a high of 102.48 in early Asia, but pair is losing height as we write.
- Post-Brexit risk aversion continues in Asia, treasury yields drop, Yen demand made a comeback.
- USD/JPY below the 102 handle, currently trades around 101.57. Technicals are biased lower, but BoJ intervention doubts loom.
- Former BOJ executive director, Kazuo Momma was on the wires, noting that BoJ need not hold an emergency meeting immediately, while adding that G7, G20 countries can intervene in FX markets, when necessary.
- Support is seen at 101.62 (lower Bollinger Band), 100.85 (trendline) ahead of 100.70 (50% Fib) and the 98.60 (trendline).
- On the upside resistance is seen at 102, 102.48 (session highs) and then 103.
Recommendation: We prefer to remain on the sideline for now.
