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FOREX: USDJPY Continues to Edge South, Closes in on Overnight 150.96 Low

FOREX
BulletMarketsForeign Exchange Bullets
  • USDJPY’s persistent offer in the face of higher US yields continues to prevail, as the pair edges to a fresh post-NFP low below 151.20, assisted by the broader risk off tone and associated pressure on major equity indices. Price action narrows the gap to the overnight low, located at 150.96.
  • We noted earlier that a clear break below 151.06 (76.4% retracement of the Dec 3 - Jan 10 bull leg), would signal scope for a move towards 149.69, the Dec 9 low. Below here, 148.65, the Dec 3 low remains a key support for the pair. 
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  • USDJPY’s persistent offer in the face of higher US yields continues to prevail, as the pair edges to a fresh post-NFP low below 151.20, assisted by the broader risk off tone and associated pressure on major equity indices. Price action narrows the gap to the overnight low, located at 150.96.
  • We noted earlier that a clear break below 151.06 (76.4% retracement of the Dec 3 - Jan 10 bull leg), would signal scope for a move towards 149.69, the Dec 9 low. Below here, 148.65, the Dec 3 low remains a key support for the pair.