USDJPY jumps off of S1 pivot support and power ahead


USDJPY

The left chart shows USDJPY daily price action. As can be seen it is in mark-up phase. This is characterised by a bullish EMA formation. I.e. the green 5-day EMA is above the orange 13-day EMA, and the orange 13-day EMA is above the black 34-day EMA.

The right chart shows hourly price action. Price found support at a key level with a confluence of factors including, S1 pivot support and price support (green rectangle).

The mark-up phase coincides with strong USD demand and an ultra-dovish policy by the BoJ. The US 10-yr is also attracting USDs as its spread with the Japanese 10-yr increases, making the carry trade more desirable.

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