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Yen Prints 6-Month High On Thursday, Local Markets Closure Next Week

JPY

USD/JPY prints at ¥141.30/40, the pair fell ~0.3% yesterday.

  • Yen printed a 6-month high yesterday as technical flows into year-end weighed on USD/JPY. The pair printed its lowest since late July before paring losses alongside an uptick in US Tsy Yields.
  • USDJPY traded lower Thursday and the pair remains below ¥144.96, the Dec 9 high. The recent recovery from ¥140.97, the Dec 14 low, has been a correction and the trend condition remains bearish. Support at ¥140.97, the Dec 14 low, has been cleared, confirming a resumption of the downtrend that started Nov 13. This opens ¥140.23, a Fibonacci projection point.
  • Initial firm resistance is at ¥144.15, the 20-day EMA. Gains are considered corrective.
  • The local docket is empty today, a reminder that Japanese markets are closed Monday, Tuesday, Wednesday next week.

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