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E-MINI S&P (M2): Trend Needle Points South


EGB Supply For W/C May 23, 2022


Bear Cycle Still In Play


Starting The Week On A Firmer Note


W/C May 23, 2022

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DOLLAR-YEN: JPY has experienced some modest strength on the back of the formal
imposition of the latest round of U.S. tariffs on Chinese goods.
- USD/JPY last trades 10 pips or so softer at ~Y111.75, after registering a low
of Y111.67 on the news/ensuing risk off flow.
- MNI's FX Technical Signal Monitor is generating a near clean sweep of bullish
signals for the pair. A move/close above Y112.00 would retain the positive
outlook, bringing the July 19 high (Y113.17) into view. A break here would
suggest the longer-term uptrend is resuming. Bears need a move back below
Y111.60 to turn the outlook neutral and target the 100-DMA at (Y110.68).
- Participants are focussing on the BOJ MonPol decision & ruling LDP party
leadership election due later this week, as well as the BOJ's usual Rinban
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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