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USD/JPY longs exhausting - Westpac

FXStreet (Guatemala) - Analysts at Westpac Banking Corporation ABN
explained that their high conviction trades (HCT) process steers us back from a long USD/JPY position to neutral this week.

“Just one of our three trade selection inputs are negative JPY versus all three last week”.

“Our model input trims its JPY short as improved long term valuation constrains the model's ability to short JPY, while our technical input highlights that price and momentum are showing signs of exhaustion”.

“With the risk reward not so compelling we close our USD/JPY long position at 118.10 locking in a +1.00% return”.

EUR/USD risk returning to the upside - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that It was quite an active day across the forex board, with the USD finally edging lower despite a strong GDP revision for the 3rd quarter, up to 3.9% from an advance reading of 3.5% and an expected 3.3%.
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