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YEN: USDJPY operates in familiar territory, last trading just shy of 106.40,
with EURJPY at 131.20 & AUDJPY at 83.80.
- Japanese politics & US CPI will likely drive the pair in the short term.
- Resistance layers remain with bulls still needing a close above 107.19 to ease
bearish pressure. Above 108.03 is needed to hint at a correction to
109.79-110.47 with above 108.42 to confirm. Bears continue to look for a close
below 105.22 to add weight to their case for a test of 98.95-101.15.
- In EURJPY the failure to gain traction above the 200-DMA & the 21-DMA (131.70)
capping resulted in a sell-off and sees immediate focus on 129.33-53 where '18
lows and the 200-WMA are noted. Bears look for a close below 129.33. Bulls still
need a close above 132.18 to ease bearish pressure.
- In AUDJPY bulls have capitalised on the lack of follow through on the recent
2018 lows, with the close above resistance levels shifting focus to the close
above 84.20 needed to shift focus back to 85.59. Bears now need a close below
83.32 to ease renewed bullish pressure. Daily studies remain well placed for
gains before O/B is an issue.