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Dec 30 - 09:48 PM
USD/JPY - Poised Above The Key Daily Cloud As The USD Weighs
First appeared on eFXplus on Dec 30 - 07:40 PM
  • Flat after closing off 0.5%, leading broad based USD weakness

  • USD off on improved risk appetite, which usually weakens JPY

  • JPY correlation with risk not functioning at present, likely year end flow

  • Japanese banks closed today and upcoming holidays suggest consolidation

  • Horizontal Tenkan and Kijun lines suggest further choppy range trading

  • Close below 109.08 Kijun line a negative but horizontal lines often a magnet

  • JPY hasn't closed within the cloud since September, 108.70 cloud top pivotal

  • Close below 108.70 would initially target the 107.98 cloud base

jpy dec 31 Click here

Source:
Refinitiv IFR Research/Market Commentary

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