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Jan 06 - 08:55 PM

USD/JPY - Uptrend Still Valid, But Poised Above Key Support

By Andrew M Spencer  —  Jan 06 - 07:05 PM

  • Steady after closing -0.2% with soured risk appetite, AUD/JPY fell 1%

  • Kishida to decide quasi-emergency declaration for parts of Japan on Friday

  • Soft wages nT9N2SX00D, household spending nT9N2SX002 CPI +0.5% on f'cast

  • Charts; 5, 10 & 21 day moving averages climb with the Tenkan line

  • Momentum studies conflict - overall the bullish trending setup supports

  • Targets a test of the 118.60/66 Jan 2017 and Dec 2016 highs longer term

  • Close below 115.52 November and 2021 high needed to undermine topside bias

  • NY 115.62-115.95 range is initial support and resistance

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jpy jan 7 Click here

Source:
Refinitiv IFR Research/Market Commentary

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