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USDJPY
- USD/JPY reached new multi-year extremes late last week before stalling near a key long-term trendline connecting the 2002 & 2007 peaks around 109.50
- Our near-term trend bias remains higher in USD/JPY while above 107.40
- A close over 109.50 is needed to set up a new leg higher in the rate
- An important turn window is eyed next week
- A close under 107.40 would turn us negative on the rate
USD/JPY Strategy: Like holding reduced long positions above 107.40
Instrument | Support 2 | Support 1 | Spot | Resistance 1 | Resistance 2 |
---|---|---|---|---|---|
USD/JPY | 107.40 | 108.30 | 109.00 | 109.50 | 109.75 |
GOLD (XAUUSD)
- XAU/USD has come under steady pressure to trade at its lowest level since the start of the year
- Our near-term trend bias remains lower while below 1240
- Key downside pivots look to be 1203 and 1193
- A cycle turn window of some importance is eyed over the next day or so
- A close over 1240 would turn us positive on the metal
XAU/USD Strategy: Square
Instrument | Support 2 | Support 1 | Spot | Resistance 1 | Resistance 2 |
---|---|---|---|---|---|
XAU/USD | 1193 | 1203 | 1215 | 1228 | 1240 |