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May 06 - 09:55 PM

USD/JPY - Cloud Pierced - Soft Close Would Be Bearish Signal

By Andrew M Spencer  —  May 06 - 08:14 PM

  • -0.1% - closed -0.1%, as the USD fell, but buoyant stocks/risk supported

  • Japan March real wages up for 2nd month amid spreading COVID-19 nL1N2MT0YH

  • Charts, rising daily cloud top at 109.04 has broken - trades at 108.99

  • Tenkan & Kijun lines contract - potential for a bearish cross

  • Overall setup suggests a deeper correction is viable on a soft close

  • 109.63, 61.8% of the March-April fall, tested Monday, is major resistance

  • 108.89 rising Tenkan line, then this week's 108.90 low are the key supports


    For more click on FXBUZ


jpy may 7 Click here

Source:
Refinitiv IFR Research/Market Commentary

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