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Jan 17 - 03:48 PM

USD/JPY - Came Too Far, Too Fast To Get Past Key Resistance

Published on Jan 17 - 01:30 PM
  • New 110.30 USD/JPY trend high today, but profit-taking caps

  • Good China and bulk of US data du jour limit the pullback

  • Treasury yields and stocks gains not enough to maintain gains

  • Pair's two-week 107.65-110.30 surge left daily RSIs overbought

  • And upper 21-day Bolli's close to 76.4% of '19 drop at 110.46/53

  • Long weekend in US is also likely prompting broader booksquaring

  • M-T outlook made bullish by this week's reversal above dn TL from '18

Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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