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Jan 01 - 08:36 PM
USD/JPY - Cloud Contains, As The USD Continues To Lead
First appeared on eFXplus on Jan 01 - 06:40 PM
  • Touch softer, as Tokyo remains on holiday, and the USD leads

  • Softer USD, as risk recovers, which usually results in a soft JPY

  • Thus USD/JPY likely edges lower, as JPY weakens on the crosses

  • Horizontal Tenkan and Kijun lines do not suggest a trending move

  • JPY hadn't closed in the cloud since September, so the dip is significant

  • 108.48, 38.2% of Oct/Dec rise a base Tuesday then 108.04 cloud base support

  • 108.84 then 109.07 Tenkan and Kijun lines are initial resistance

  • Always hard to judge the validity of moves when Tokyo is on holiday

jpy jan 2 Click here

Source:
Refinitiv IFR Research/Market Commentary

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