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Dec 28 - 11:55 AM

USD/JPY's Risk-On Dollar Drop Caught By Tenkan, Kijun To Cap

By Randolph Donney  —  Dec 28 - 10:20 AM
  • USD/JPY's 103.405 EBS low held the daily tenkan at 103.40

  • U.S. fiscal relief bill signing sparks record highs in U.S. stocks

  • Also sends Treasury yields higher into today's supply

  • Dollar's normal risk-on selling interrupted in early, thin trading

  • Higher yield spreads and broader yen selling offset dollar haven sales

  • Pair in consolidation above tenkan and below kijun at 103.82

  • 103.82 is the middle of December's range, obvious consolidation target

  • Dec. 16 high at 103.915 is the daily on-close pivot point

  • Close above 104 is key to retesting cloud base, down TL from March

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Source:
Refinitiv IFR Research/Market Commentary

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