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Jan 03 - 07:55 PM

USD/JPY - Opens Higher, But Yen Remains Strong On The Crosses

By Andrew M Spencer  —  Jan 03 - 06:05 PM

  • Steady after closing +0.3% on broad USD strength - yen firm EUR/JPY -0.85%

  • Lower UST yields saw yield spreads tighten, supporting yen on the crosses

  • Japan PM, new BOJ boss could review inflation commitment Nikkei nL1N33O0IQ

  • Expectations of a more hawkish BOJ stance has fuelled recent yen strength

  • Charts; neutral momentum studies, 21 day Bollinger bands head lower

  • 5, 10 & 21 DMAs fall, Tenkan and Kijun lines flat line - bearish bias

  • 134.70 horizontal Kijun line capped in December - remains pivotal resistance

  • 129.51 Asian low Tuesday and 128.16, 61.8% 2022 rise is the next support

    For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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