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50-period SMA acting as strong support – USD/JPY Market Outlook – 06/08/2020


The Dollar/Yen bulls look like they are finding support at the 50-period SMA but the pair looks trapped for now in a narrow range around 105.50 amid weak dollar sentiment. Despite, yields being up amid the US Congress may reach an agreement on the next coronavirus aid-package by the end of the week, the USD remained weak as macroeconomic data continued to signal a steeper economic deterioration throughout July. If the bulls lose the 50-period SMA support, then 105.10 will be the next level to watch for.

Support: 105.40 / 105.10
Resistance: 105.90 / 106.50

SquaredFinancial Daily Market Outlook


SquaredFinancial Review

Source: https://www.squaredfinancial.com/learn/daily-market-outlook/50-period-sma-acting-as-strong-support-usd-jpy-market-outlook-06-08-2020
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