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May 03 - 09:55 PM

USD/JPY - Set For An FOMC Led Breakout After Three Inside Days

By Andrew M Spencer  —  May 03 - 08:10 PM

  • Steady after closing flat - tight range expected ahead of the FOMC tonight

  • Japan remains on holiday, so the USD, risk appetite and UST yields lead

  • Three consecutive inside days, with horizontal Tenkan and Kijun lines

  • Setup suggests a short term range, though the FOMC may spark a breakout

  • Friday's 129.32 low, and last week's 131.25 high are the initial key levels

  • Longer term 5, 10 and 21 day, week and month moving averages head higher

  • Unusual and powerful bullish signals - 126.26 Kijun line is key support

  • Long term target is 135.04/20 monthly highs in February and January 2002

For more click on FXBUZ


jpy May 4 Click here

Source:
Refinitiv IFR Research/Market Commentary

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