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Dec 08 - 06:55 AM

USD/JPY - Bias Remains On Upside Due To Techs And Fundamentals

By Martin Miller  —  Dec 08 - 04:38 AM
  • Defensive sectors lift European shares after two-day rally nL4N2ST206

  • Japan's Q3 GDP revised down to 3.6% annualised contraction nT9N2SK00H

  • Risk appetite up, poor Japan data, weighs on the safe-haven yen

  • Trading remains under Tuesday's 113.78 high, but this market is at risk

  • USD/JPY has seen a 113.33-61 range on Wednesday, according to EBS prices

  • USD/JPY's growing scope for gains above 114.03 tech resistance nL1N2ST0ED

  • However, the dollar could be in for another rough December nL1N2SR1XL

  • EUR/JPY's 30-day correlation with USD/JPY sub +0.5: relationship broken

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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