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Jan 13 - 04:55 PM

USD/JPY - Bounces Off 10-Day Mean Support, But Pandemic Downtrend Intact

By Randolph Donney  —  Jan 13 - 02:11 PM
  • USD/JPY stuck between 10-DMA support at 103.51 & main down TL at 104.31

  • Bounces off 10-DMA, tenkan, 50% Fibo, but 55-DMA at 104.04 looms above

  • Prices losing their recent 10-year TIPS yields support

  • Market still weighing fiscal stimulus and Fed policy path in pandemic

  • Jan's recovery so far just a correction of oversold techs, spec shorts

  • Close above the TL & cloud top needed for clear reversal of downtrend

  • Close below 103.50 is key to a new attempt at the 102.595 EBS trend lows

  • Beige book nW1N2HY02E not raising low expectations after Friday's NFP

    For more click on FXBUZ

Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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