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Dec 01 - 11:55 AM

USD/JPY - Downside On Dollar's Risk-On Aversion Is Petering Out

By Randolph Donney  —  Dec 01 - 09:40 AM
  • USD/JPY's in a fourth straight week with higher weekly lows

  • USD/JPY is highly positively correlated to the USD index

  • And the USD index is negatively correlated to S&P, i.e. risk

  • Even with the biggest ever November S&P rise, USD/JPY's basing

  • Prices are by the 21-DMA, kijun and 50% Fibo of Nov's range in 104.40s

  • Bulls need a close above last week's 104.76 EBS high for traction

  • Fed Chairman Powell likely to argue for more fiscal, monetary support

  • But until Jan. 5 Senate seat runoffs fiscal prospects are modest

  • Broad downtrend since March is intact below its TL at 105.39 today

  • The 100-DMA and daily cloud top also reinforce the main downtrend

  • ISM, Powell and Mnuchin still to come today

    For more click on FXBUZ


Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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