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Higher US yields squeezing Dollar shorts – USD/JPY Market Outlook – 08/01/2021

USDJPY traded just sub 104.00, next resistance comes at the ichimoku cloud base at 104.32, may see a final pop up there if US yields continue higher but then medium term sellers likely to emerge. Currently USD tracking the move higher in US yields and squeezing out some of the excessive short positioning but the trend is still likely to be lower with the global virus situation at its worst.

Support: 103.60 / 103.20
Resistance: 104.32 / 104.70

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Friday, 08 Jan, 2021 / 9:19

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Source : https://www.squaredfinancial.com/learn/daily-market-outlook/higher-us-yields-squeezing-dollar-shorts-usd-jpy-market-outlook-08-01-2021

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