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Jan 02 - 09:55 PM

USD/JPY - Volatile Early At Key Support With Yen Resilient

By Andrew M Spencer  —  Jan 02 - 07:40 PM

  • Choppy and illiquid early, trades at 130.65 after a 130.54-131.40 EBS range

  • Japanese holiday explains the erratic start - risk appetite and USD to lead

  • BOJ considering raising inflation forecasts to near 2% target - Nikkei

  • Japan moving away from loose policy behind Nov/Dec yen strength nL1N33L014

  • Charts; momentum studies crest or fall, 21 day Bollinger bands slide

  • 5, 10 & 21 DMAs fall, Tenkan and Kijun lines flat line - net downside bias

  • 135.23 Kijun line capped in December - now distant pivotal resistance

  • 130.58 low on Dec 20th first support, break targets 128.16, 61.8% 2022 rise

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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