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Bullish Pattern Remains Intact – USD/JPY Market Outlook – 11/08/2020


The Dollar/Yen remains in a constructive bullish pattern as price attempts to retest the 106.50 resistance level and the 200-period SMA. What’s favoring the greenback recently is the escalating US-China tensions and the anticipation of the much-awaited multi-trillion American stimulus. Yesterday, China retaliated to the US by sanctioning 11 American diplomats after the US banned the Chinese Social Media apps. US Treasury yields advanced, with the yield on the benchmark 10-year note settling at 0.57%. If the yields continue to move higher we will likely see 106.50-70 today.

Support: 106 / 105.40
Resistance: 106.5 / 106.70

SquaredFinancial Daily Market Outlook


SquaredFinancial Review

Source: https://www.squaredfinancial.com/learn/daily-market-outlook/bullish-pattern-remains-intact-usd-jpy-market-outlook-11-08-2020
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