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Nov 04 - 02:36 PM
USD/JPY - Rides US Yields, Risk-On Bids Toward October-August Highs
First appeared on eFXplus on Nov 04 - 01:10 PM
  • USD/JPY made a great tech base with Friday's 107.89 low nL2N27K0G9

  • NFPs beats, positive phase one US-China trade news underpin nL2N27K0NB

  • Pair is probing 10-DMA, tenkan by 108.60. 200-DMA at 109.03 next target

  • Key for bulls is clearing August's high & weekly cloud base at 109.32

  • A close above 61.8% of 2019 drop at 109.37 would target 110, then 110.50

  • USD/CNY's prior ceiling at 7 now pivotal for USD/JPY rally nL2N27K0S7

  • US ISM services Tuesday watched for evidence mfg flu is not spreading

Chart: Click here

Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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