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Jan 03 - 02:36 PM
USD/JPY - Could Lose L-T Pennant Prop With A Huge Gold Breakout Imminent
First appeared on eFXplus on Jan 03 - 12:35 PM
  • USD/JPY's been in a bearish triangle pattern since 2015's BOJ QQE peak

  • Downtrend from 2015 just reinforced by December's topside rejections

  • Pair is negatively correlated to gold, that's now at huge upper pivot point

  • Gold's high today on Middle East concerns is by 2019's 1,557 peak

  • And that peak was by monthly lows from 2011-13, with 1,907/920 L-T targets

  • USD/JPY is threatening a bearish monthly reversal below Nov's 107.89 low

  • The rising triangle base from 2013 that held Aug's 104.46 low is by 105

  • A big risk-off gold breakout would likely also bolster the haven yen

  • It could also see the Fed fall behind the easing curve, adding to derisking

Chart: Click here

Refinitiv IFR Research/Market Commentary


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