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USDCAD TECHS

Heads North

AUDUSD TECHS

Bearish Cycle Still In Play

EURJPY TECHS

Death Cross Adding Pressure

FOREX

Risk Off Prompts Safe Haven Demand

Brexit Matters Steal The Show

JPY

USD/JPY slipped in Wednesday's Asia-Pac session, before recovering in the second half of the day. The rate was happy to hold the prior day's range in subdued pre-holiday trade, with main focus falling on reports suggesting that a Brexit deal is nigh, which reduced demand for safe haven assets.

  • USD/JPY last deals at Y103.54, little changed on the day. Bears need a fall through Y102.88, the low print of Dec 17, before attempting a move at the 1.00 projection of Oct 7 - Nov 6 downleg from Nov 11 high at Y102.75. Meanwhile, gains past the 20-EMA/Dec 21 high at Y103.81/89 would open up Dec 11 high of Y104.28.
  • Brexit news boosted GBP/JPY Wednesday, with the rate adding 1.28 fig. on the day. It last sits +13 pips at Y139.89, as sterling continues to outperform its G10 peers. Bulls look for a move through Wednesday high of Y140.32 before taking aim at Dec 17 high of Y140.45 & Dec 4 high of Y140.71. Bears keep an eye on the 50-DMA/Dec 22 low at Y138.12/00, followed by Dec 21 low of Y136.97.
  • Local press reports suggested that ex-PM Abe may be summoned to testify in parliament Friday on the ruling party's spending scandal.
  • BoJ Gov Kuroda will appear at a Nippon Keidanren event in Tokyo roday.
  • Looking ahead, Japan reports Tokyo CPI, unemployment & retail sales on Friday.