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Japanese Yen Technical Analysis: Broader Outlook Bearish, USD/JPY Eyes Key Trendline
2021-05-12 05:00:00
Daniel Dubrovsky,
Strategist
Majors-Based Japanese Yen Index, USD/JPY – Technical Outlook
Majors-based Japanese Yen index closed under key support, hinting at losses
However, confirmation remains key, especially as momentum appears fading
USD/JPY dominant upside focus holding despite March’s top, eyes on support
The Japanese Yen may be vulnerable to broader selling pressure. Below is a majors-based JPY index that averages the currency’s performance against the US Dollar, Australian Dollar, British Pound and Euro. The index has been in a downtrend since late October 2020. However, downside momentum has been notably slowing as of late. Positive RSI divergence reinforces this, which can at times precede a turn higher. ....

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