UsdJpy is retracing from the tops of 121.85
where a bearish engulfing pattern had put a stop to the bull market.
This movement is in line with the gold confirming how the strength of
the yen on the US dollar is still a support element of the prices of the
yellow metal. As we can see from the first graph, albeit with different
volatility, the directionality of the two assets is the same and
therefore the showdown of gold on Friday above 1250 should reasonably
coincide with a fall of UsdJpy. We believe that 115.50 is the key level
of UsdJpy beyond which the strength of the yen would be more consistent,
a view also confirmed by the bearish signal emerged on Friday from the
weekly MACD.
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