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JPYUSD

Yen falls to 10-month lowThe Japanese yen has started the week with considerable losses. Currently, USD/JPY is trading at 108.82, up 0.51% on the day. The yen's woes continue, as the US dollar continues to beat up on the Japanese currency. USD/JPY has jumped 5.6% since January 1 and is pressing on the 109 line, which has held since June 2020. The catalyst behind the recent strength of the US dollar has been the recent rise in US Treasury yields. The 10-year bond climbed to 1.60% earlier on Monday, while 30-year bonds rose to 2.31%. The yen is particularly sensitive to rate differentials between the US and Japan, so the increases in US yields are putting strong pressure on the Japanese currency. The higher US yields were in response to the Senate passing a massive 1.9 trillion dollar stimulus package on Saturday. The bill now returns to the House for some amendments, and will likely to be signed into law by President Biden by March 14. Although the dollar's strength is largely due to the increase in US yields, fundamental releases should not be overlooked. A surprisingly strong US Nonfarm Payrolls last week has provided the US dollar with further upward momentum. The gain of 379 thousand easily beat the forecast of 197 thousand, and was the highest reading since October 2020.  Later on Monday, Japan releases a data dump. Consumer spending and wage growth are both expected to show contraction (23:30 GMT). Japan's second-estimate GDP is expected to show growth of 3.0%, confirming the initial estimate (23:50 GMT). USD/JPY broke above resistance at 108.16 on Friday. The next resistance line is at 109.64, followed by resistance at 110.07. There is support at 106.96, followed by a support line at 105.53. There may be an opportunity for buy-on dips as low as 107.50
by OANDA
JPYUSD Hits Critical Trendline That Signals DownturnInteresting relationship here - JPYUSD has a 6 year bottom trendline of resistance it has been following. This line has been hit a few times over the last 6 years, and literally every time it hits this line, a correction of some variety occurs. It's almost like clockwork. Not sure if there is actually any mechanistic behavior going on, but it's worth noting because we just hit it now at a time we're seeing a ton of weakness in the market leaders. Not a good sign if you're long megacap momentum & tech, or even just the S&P.
Short
by GTStockmaster
1
ridethepig | USDJPY Market Commentary 2020.09.12📍 JPY Buyers are threatening to breakout. After 107 comes 110 and then 112.x. But sellers have other trump cards, for example covid. My impression is as follows: as the dollar firms and finds a temporary floor therefore can be considered a bounce into the elections which can be somewhat double-edged. If the preconditions are met, namely if we get a continuation of Abenomics with the leadership elections, and effective parries into the Yen are restrained, then beginning the advance towards 150 may be justified. But we should consider the development here to be EARLY/OPENING game. In light of this, we should take longs on a leash and if the market starts paying we can add more size. The technical breakout would lead to buyers occupying the flows. Equities may felt even more the heat if we see a paralysing effect via temporary USD inflows. Thanks as usual for keeping the feedback coming 👍 or 👎
Long
by ridethepig
3
DraftKings Bulls Set to Rally - $DKNGNASDAQ:DKNG Sports betting is continuing to gain traction and acceptance across the United States. With sports actually finding their way back on the field since the long COVID-19 break, you would have to HATE money to not look to get extremely long in this name. From a technical standpoint, it is attempting yet again to breakout of that $26-$41 (two purple horizontal lines) range that PA has been stuck in since printing its last high back at the start of June. The orange box has historically been a strong supply zone, sending us back down to the bottom of the range after attempting to gain price acceptance above the horizontal purple line around $41 in June. If we can get a couple daily bars to print and hold above the first diagonal dark purple line, I like this name to make a strong move to $65 in a relatively short period of time, which would be almost a +58% move from current price of $41. Good Luck. - PennyBags
NASDAQ:DKNGLong
by PennyBagsCapital