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Breaking above a 7-month trend line – USD/JPY Market Outlook – 28/01/2021

SquaredFinancial

Risk aversion boosted dollar demand, pushing the pair to break above 104 and a critical trend line. Stocks dropped around 3% and the US-10 year yields retested 1.00. Today, if risk-off sentiment continues, we could see a short-term pullback towards 104 before accelerating higher.

Support: 104 / 103.60
Resistance: 104.30 / 104.50

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/breaking-above-a-7-month-trend-line-usd-jpy-market-outlook-28-01-2021
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