USD/JPY (week of 15-19/02)

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Weekly Summary

Dollar/Yen rallies beyond 106.23 for the first time in 5 months .

USD/JPY rallied 35 pips and maintains at 105.41 level.

A look at other markets shows behavior that usually indicates a green move for the Yen, as the Australian dollar is up 1.27%. The New-Zealand Dollar is up 1.06%.

At the same time, EUR/AUD is trading around 1.5395 after starting the session at 1.556 (down 165 pips). The EUR/NZD is down 141 pips from the beginning of the session and now trading around 1.6746. The Canadian Dollar is trading around 1.2616 after starting the session at 1.2677 (down 61 pips).

Feb. 19, 2021

Trend continues: Yen down 28 pips to 105.41, adding to its four days of losses

(23:12) GMT

USD/JPY slid down from 105.69 to 105.41, losing 28 pips (0.26%).

Meanwhile, released today at 8:30 PM, Japan's CFTC JPY speculative net positions showed an uptick coming in at 37,200, up from the previous number of 34,600. Data for Japan Services PMI was released today at 12:30 AM, suggests a downwards trend with 45.8, while previous data was 46.1. Data for Japan National Core CPI (YoY) (Jan) released yesterday at 11:30 PM came out at -0.6, beating projections of -0.7 and showing improvement over the preceding figure of -1.

In terms of trend indicators, we can see that at 105.34, dollar/yen made an initial breakout below the 200 day Simple Moving Average, an indication of a negative trend. Asset volatility analysis shows that the upper Bollinger band is at 106.19, indicating a further downward move might be next. In contrast, dollar/yen might start to recover soon because it is getting closer and is now only 85 pips from the support line at 104.55, Obviously, dipping below it could be an indication that further losses are ahead.

Overall, looking at the technical analysis landscape – although indicators are mixed and some are pointing in different directions, it seems further drawbacks may be next for the yen

Positive performance can be seen looking at other symbols as The Aussie/Dollar gained 1.27%, currently at 0.7872 The Kiwi is trading around 0.73 after starting the session at 0.7222 (up 1.06%).

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