Broad USD weakness aided a rally in the pair Wednesday, putting spot above first resistance at the 50-day EMA of 0.6556 and potentially confirms the recent bout of weakness as corrective in nature. Nonetheless, moving average studies remain in a bear-mode position and continue to highlight a short-term downtrend. Initial firm resistance shifts to the Mar 21 high at 0.6635.
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The USDJPY trend outlook remains bullish and last Thursday’s move lower appears to have been a correction. The pair has pierced support at 149.71, the 20-day EMA. A clear break of this average would signal potential for a deeper retracement, potentially towards the 50-day EMA, at 148.36. Sights are on 151.91/95, the Nov 13 ‘23 high and the Oct 1 ‘22 high and major resistance. The bull trigger is 150.89, Feb 13 high.
A new survey from the New York Times/Siena College has shown highly pessismitic voter views on President Biden's age, popularity, and prospects in a hypothetical 2024 matchup with former President Donald Trump.
Figure 1: The Following Candidate is “Too Old” to be President
Source: NYT/Siena College