By Andrew M Spencer — May 04 - 08:35 PM
Flat after touching 129.54 early, closed -0.8% on Fed led USD selloff
Japan remain on holiday, so the USD, risk appetite and UST yields lead
Asian markets open cautiously after the risk surge in NY - E-mini S&P -0.2%
Despite dip and bearish outside day, Kijun and Tenkan lines are horizontal
At this point dip looks like a healthy shakeout as primary uptrend remains
Close below 126.26 Kijun line needed to end the topside bias
NY 128.62 low then 126.96 base on April 27th are initial supports
Asian 129.54 high then 130.37 NY high are first resistance
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Source:
Refinitiv IFR Research/Market Commentary