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May 04 - 09:55 PM

USD/JPY - Early Bounce Short Lived, As Risk And The USD Leads

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

For more click on FXBUZ


jpy May 5 Click here

Source:
Refinitiv IFR Research/Market Commentary

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