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May 03 - 09:55 PM

USD/JPY - Heavy As Yield Spreads Tighten, And The USD Falls

By Andrew M Spencer  —  May 03 - 07:55 PM
  • -0.1% after closing down 1.3% as UST yields and the U.S. dollar fell

  • Risk off after the close as U.S. regional banking fears resurfaced

  • E-mini S&P -0.4%, WTI oil -1.8% and gold +0.65%, but the USD is steady

  • Japan holiday, so the yen is likely driven by the USD and risk appetite

  • Charts, daily momentum studies crest, as 21-day Bollinger bands contract

  • Horizontal Tenkan and Kijun lines - 10 & 21-day moving averages climb

  • Topside bias continues until a close below well-tested 134.17 21-DMA

  • 134.17 21-day moving average and Asia's 134.73 high are support, resistance

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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