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JPY Tipping Over Multi-Decade Trendline

FOREX
  • JPY is extending the losses seen Monday, with the currency again the poorest performer in G10. Tuesday's high in USD/JPY puts the pair above key downtrendline resistance drawn off the December 1975 high at 113.41 - a level which, if closed above, could signal a new medium-term range for the pair.
  • NOK, NZD and SEK are among the session's strongest performers, while USD, EUR and JPY are the laggards.
  • Newsflow and data catalysts have been few and far between so far, with markets instead focusing on the imminent beginning of earnings season, with major US banks scheduled to start reporting from today. Germany's ZEW survey came and went with little consequence, despite the numbers coming in below expectations.
  • The Tuesday data slate is relatively light, with just US JOLTs Job Openings on the docket. The speaker slate is busier, with Knot, Villeroy, Lane and Lagarde of the ECB due as well as Fed's Clarida, Bostic and Barkin.

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