USDJPY remains soft and has resumed its downtrend following the break of support at 129.52 Thursday, marking the Jan 3 low. With moving average studies in a bear mode condition and a bearish price sequence highlighting a clear downtrend, further weakness is likely. Note that the 50- and 200-dmas are on the cusp of forming a bearish death cross. The focus is on 127.53, the May 31, 2022 low.. Key resistance has been defined at 134.77, Jan 6 high.
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Stocks extend session lows as Fed Chairman Powell touches upon jobs market in press Conference:
"Job gains have been robust with employment rising by an average of 272,000 jobs per month over the last three months. Although job vacancies have moved below their highs and the pace of job gains slowed from earlier in the year, the labor market continues to be out of balance with demands substantially exceeding the supply of available workers."
Current markets:
Source: Bloomberg
Yield curves off steeper levels pre-FOMC, extending inversion again as rebound in bonds off initial lows outpaces short end. Currently: