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USD/JPY failure to have a clear break below 140.25 coupled with BoJ Governor Ueda’s cautious rhetoric has increased the odds of a mean reversion rebound. A swift increase in large speculators’ net bullish open positioning in the JPY futures market to a 5-year high makes the USD/JPY vulnerable to a short squeeze. Watch the key […]

The post USD/JPY Technical: Mean Reversion Rebound in Progress Within a Medium-Term Downtrend appeared first on Action Forex.

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26/07/2024

USD/JPY Remains Volatile, US PCE Price Index Next

The Japanese yen has hit the brakes on this week’s impressive rally. USD/JPY is trading at 154.34 in the European session, up 0.30% on the day. On Thursday, the yen climbed as much as 1.3% but gave up all of those gains after the strong US GDP report. Still, the yen is up 1.9% this […]
23/05/2024

Sunset Market Commentary

Markets European May PMIs were generally speaking good. The services reading stabilized at a decent 53.3 in May but a better-than-expected improvement in the admittedly still struggling manufacturing sector (from 45.7 to 47.4) lifted the composite figure to the highest in a year (52.3). S&P Global estimates Q2 growth at 0.3% while projecting an annual […]
13/03/2024

Nikkei (NKD_F) Elliott Wave View: Reacted from the Blue Box

Nikkei NKD_F ended an impulse structure at 40565 high and we called wave 3 and the index started a wave 4 pullback. Down from wave 3, wave (i) ended at 40315 and wave (ii) ended at 40465. Wave (iii) lower ended at 39665. Rally in wave (iv) ended at 39895. The market resumes lower in […]