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Dec 30 - 11:55 PM

USD/JPY - Heavy As USD Heads South, But Charts Unconvinced

By Andrew M Spencer  —  Dec 30 - 09:54 PM
  • Trades at the base of a 103.08-103.20 range on broad USD weakness

  • Japanese holiday, so very quiet with the USD dominating price action

  • Charts - negative momentum studies, horizontal Tenjan and Kijun lines

  • Daily Ichimoku cloud has capped since June, and flat lines in early January

  • Setup does not suggest a strong trending move is immanent

  • 103.81 Kijun line caps on close, then 103.94, 38.2% Nov-Dec fall

  • Major support at the 102.87 December low is in view

  • Sustained 102.87 break would open the door to 101.18 2020 low

    For more click on FXBUZ

jpy dec 31 Click here

Source:
Refinitiv IFR Research/Market Commentary

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