• +0.05% early on the Japanese holiday after closing down 0.65%

• Risk off year-end rebalancing flows offshore, Wall Street, UST yields lower

• Yen showed broad safe-haven strength - EUR/JPY and GBP/JPY off 0.9%

• Charts- USD/JPY continues to trade above the rising daily Ichimoku cloud

• The cloud falls away in January, which could slow the uptrend

• 156.27 Tenkan line is initial support, then the 154.25 cloud top

• Mixed 5, 10 & 21-day moving averages as daily momentum studies crest

• 158.00 is proving resilient in December - bulls need a sustained break
Andy


Andy

(Andrew Spencer is a Reuters market analyst. The views expressed are his own.)