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JPY benefitted from Thursday's pullback in......>

YEN
YEN: JPY benefitted from Thursday's pullback in Tsy yields & a weaker start for
US stocks (although the latter unwound).
- USDJPY last at ~109.15, EURJPY last at ~130.85, AUDJPY last at ~82.25.
USDJPY's hesitation ahead of the 200-DMA (110.20) combined with daily studies
correcting from overbought holds concern for bulls and currently weighs. Bears
target the 100-DMA (108.71).
- EURJPY's close below the 55-DMA added weight to the bearish case with a close
below 131.05 confirming traction below the 55-DMA & shifting focus to
128.94-130.42 where the 55 & 200-WMAs are located. Daily studies approaching
oversold levels forms the key concern for bears. Yesterday's hourly support
(131.19) is now initial resistance with bulls needing a close above to gain
breathing room.
- AUDJPY's 55-DMA (82.66) capped last week, but bears have so far failed to
capitalise on Thursday's dip below 81.90 with the Bollinger base (81.86) &
modestly oversold daily studies impacting. Bulls now need a close above the
21-DMA (82.71) to ease bearish pressure and shift focus higher.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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