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Jan 05 - 11:55 PM

USD/JPY - Soft Above Key Support, As Risk Appetite Sours

By Andrew M Spencer  —  Jan 05 - 09:45 PM

  • Off 0.2%, as risk sours in Asia, as the dust settles on the hawkish FOMC

  • Soft stocks, Nikkei -2.1%, AsiaxJ -0.9%, Brent -1.2%, London copper -0.5%

  • Charts; 5, 10 & 21 day moving averages climb, horizontal Tenkan, Kijun lines

  • Momentum studies conflict - overall the bullish trending setup hangs in

  • Targets a test of the 118.60/66 Jan 2017 and Dec 2016 highs longer term

  • Close below 115.52 November and 2021 high needed to undermine topside bias

  • Asian 115.82-116.18 range is initial support and resistance

  • Yen shorts vulnerable should Wall Street slide nL1N2TM00T

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jpy 3 jan 6 Click here

Source:
Refinitiv IFR Research/Market Commentary

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