USD/JPY

The building sense of dollar bulls having sustainably lost control continues to grow. Having failed to find positive traction in the wake of such an unambiguously strong payrolls report on Friday, the bolstering of resistance at 109.00 is leaving the bulls at risk of a correction. With another negative candle yesterday (there has been one positive candle in eight sessions now), the initial support at 108.40 is under threat. However, initial support at 108.40 has again held overnight which suggests a market again lacking real conviction. The key support remains at 108.25 which is the first higher low of the old multi-month uptrend and if this were to be breached it would be a significant moment in the medium term outlook. There is still a marginal positive configuration on medium term momentum, but there is an increasingly tentative sense of this. The RSI needs to hold above 45 and MACD lines above neutral to sustain this.

USDJPY

 

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