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Free AccessRally Stops Short of 50-dma
JPY remains the weakest currency in G10, with pressure piling on haven FX as equities continue to crest at alltime highs. US equity futures are indicating another positive open on Wall Street Tuesday, with the new alltime high in the e-mini S&P printed today at 3,448.75.
Nonetheless, the USD/JPY rally has stopped short of the 50-DMA so far, which holds as first resistance at Y106.58. The 50-day EMA also crosses at Y106.51.
A break and close above here opens Y106.68 Aug 17 high and the bull trigger at Y107.05.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.