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Jan 27 - 04:55 PM

USD/JPY - Clears Pandemic Downtrend Amid Dollar Haven Demand

By Randolph Donney  —  Jan 27 - 02:42 PM
  • Risk-off flows favoring the dollar get USD/JPY past down TL from March

  • Surge past the 103.95 TL leaves prices o/b intraday, steadied pre-Fed

  • Statement a shade more dovish about recovery vis-a-vis vaccinations

  • Powell affirms Fed focus is on fully supporting uncertain recovery

  • Bulky net spec short positions could aid rise if TL becomes support

  • 104.18 high's by the B-wave high from Jan. 14, close above is next hurdle

  • Thur's cloud top, Jan's high and 100-DMA @104.32/40/46 are major resistance

  • Also watching 10-yr Tsy yields support by 1.0%, its January breakout point

  • Risk-off dollar bid tied to S&Ps drop. It's Jan. 15 pullback low is pivotal

    For more click on FXBUZ


Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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