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JPY Extends Strength Through London Close

FOREX
  • USDJPY broke lower still into the London close following the BoJ's YCC tweak overnight. The pair hit extended daily lows of 131.01 and making for a 6 point drop on the day. Key support at 131.74 has now given way, opening losses toward late August lows of 130.41 for direction.
  • Moving average studies are in a bear-mode position and price remains well below the 20-day EMA. The daily RSI is nearing oversold territory, which could slow downside progress from here on, but the overarching theme remains negative for now.
  • The risk backdrop was generally negative, with equity markets across Europe and the US failing to stage a sufficient recovery off the post-BOJ lows. As a result, AUD and NZD were among the poorest performers in G10, with AUD/USD now looking more comfortable below the 100-dma of 0.6664.
  • EUR traded more favourably, although EURUSD remains below last week’s highs. The latest pullback is considered corrective - for now. Last week’s break higher confirmed a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. The focus is on 1.0736 next, a Fibonacci projection.
  • Focus Wednesday turns to UK public sector net borrowing data, Canadian inflation and US existing home sales for November. There are no central bank speakers of note.
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