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USD/JPY: death cross on daily chart imminent - Scotiabank

FXStreet (Guatemala) - Eric Theoret, CFA, CMT FX Strategist at Scotiabank explained that this week’s modest, steady gains in JPY hint to a shift in relative policy expectations rather than a sensitivity broader market sentiment, the latter typically providing for violent knee-jerk reactions in JPY rather than the steady gains observed over the past three sessions.

Key Quotes:

"USD/JPY short-term technicals: neutral-bearish.

"Signals are becoming increasingly bearish as the RSI flirts with 40 and as short term MA’s provide confirmation."

"USD/JPY is steadily toward closing levels not observed since early September with vulnerability to a decline toward the October 2nd low at 118.68."

"Medium-term signals are also bearish as we consider the imminent crossing of the 50 day MA below the 200 day MA—also typically known as the ‘death cross’."

GBP/JPY erases yesterday’s losses, back to 184.00

A stronger pound in the market boosted the GBP/JPY pair that is rising sharply on Wednesday. Yesterday the pair dropped 160 pips and today it fully recovered boosted by employment data from the United Kingdom and unaffected by some risk aversion.
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