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Jul 07 - 09:55 PM

USD/JPY - Poised Above Key Support, As Risk Appetite Cools

By Andrew M Spencer  —  Jul 07 - 08:04 PM

  • Steady after closing little changed, with a third lower daily high and low

  • Japan June bank lending missed 3% forecasts at 1.4% nAZN0W0B00

  • Charts; rising trend channel base from May held yesterday in Tokyo

  • Channel parameters today are 110.44 and 111.94 - base key support

  • Horizontal 110.42 Kijun and 111.03 Tenkan lines suggest range trading

  • 110.40/45 should hold, but a break would target 110.11, 50% May-July rise

  • NY 110.51 low and 110.81 London and NY high initial support and resistance

  • 345M 110.50 and 599M 110.75/80 are today's close strikes

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jpy jul 8 Click here

Source:
Refinitiv IFR Research/Market Commentary

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