By Randolph Donney — Dec 30 - 09:41 AM
USD/JPY breached 103, nearing December's 102.88 EBS trend low
Surge in U.S. trade deficit to record high hurt dollar nAQN03K7WU
Move led by broad dollar breakdown on fiscal, Fed largesse, risk-on
Also on a split Congress keeping fiscal expansion from swamping Treasuries
Broadening array of approved vaccines also lifting 2021 recovery outlook
USD/JPY oversold intraday with key 102.88 trend low support nearby
Sell stops run below Monday's 103.40 low, tenkan at 103.43, now hurdles
Monthlies favor a sub-200-MMA (103.89) close, a major sell signal
Some weekly Bolli support near 102.30, but March's 101.18 low on the radar
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Source:
Refinitiv IFR Research/Market Commentary