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Jan 07 - 11:55 PM

USD/JPY - 104.00 Caps - Risk On As U.S. Stimulus Hopes Lead

By Andrew M Spencer  —  Jan 07 - 09:58 PM
  • Flat in a 103.77-104.00 range - Asia FX caution ahead of U.S. payrolls

  • Risk on in most markets on expected U.S. stimulus, stocks & commodities firm

  • Nikkei +1.7%, E-mini S&P +0.4% and 10yr UST yields +2bp at 1.100%, oil +0.5%

  • Japan's November household spending increased unexpectedly nL4N2JI1HD

  • Charts; positive momentum studies, 5, 10 & 21 DMAs conflict - neutral setup

  • Thursday's close above 103.52 21 DMA and 103.58 Kijun line a bullish signal

  • Targets a test of the 104.32 cloud base - cloud capped on close since June

  • This week's 102.59 low on Wednesday is now major support


    For more click on FXBUZ

jpy 2 jan 8 Click here

Source:
Refinitiv IFR Research/Market Commentary

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