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Jan 03 - 11:55 PM

USD/JPY - COVID-19 Flares, Risk Off In Tokyo On Shutdown Fears

By Andrew M Spencer  —  Jan 03 - 10:03 PM
  • -0.3%, as JPY leads USD lower on Tokyo lockdown fears nL1N2JF00H

  • Nikkei -0.4%, fell on Tokyo state of emergency fears nL4N2JF0DT

  • Charts - negative momentum studies, horizontal Tenkan and Kijun lines

  • Daily Ichimoku cloud has capped since June - flat lines for next two weeks

  • Setup suggests consolidation, rather than a trending move

  • 103.43 Tenkan line, then 103.81 Kijun lines are initial resistance

  • 102.87 December low is major support, which held last week

  • Sustained 102.87 break would open the door to 101.18 2020 low

    For more click on FXBUZ

jpy 2 jan 4 Click here

Source:
Refinitiv IFR Research/Market Commentary

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