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Jan 01 - 09:55 PM

USD/JPY - Long JPY Profit-Taking Dominates In Early Trading

By Andrew M Spencer  —  Jan 01 - 07:40 PM
  • +0.35% in early Asia - thin markets with Japan on holiday until Thursday

  • The huge earthquake that rocked Japan on New Year's Day leads the news

  • Demand could be profit-taking after the sharp decline in November/December

  • Charts show negative signals - Tenkan and Kijun lines slide

  • 5, 10 & 21-day moving averages track south with momentum studies

  • 141.92 Tenkan line and the high in London on Friday are the first resistance

  • A close above the 141.92 Tenkan line would target the 144.55 Kijun line

  • The early 140.82 low and last week's 140.27 Dec trend low are major support

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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