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
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jpy May 4 Click here
Source:
Refinitiv IFR Research/Market Commentary