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USD/JPY on the rebound so far today

The USD/JPY closed out 2023 pretty close to its most recent lows (140.25), to there was no major rebound into the end of the year, when it closed on Friday at 140.89. However, the dollar has made some progress today. Earlier the USD/JPY rebounded to as high as 141.67, from a session low prior to that, at 140.82. The lack  of any trading in Tokyo today might have been integral to that move and perhaps the earthquakes in western Japan yesterday might have played a role in pushing the Yen lower. However, despite rising today, the technical picture for the dollar is not that great. The 21 day moving average is now close to falling below the 200 day. The 21 day is right now at 143.24 and the 200 day moving average is in place this morning at 143.13. Hence, that is still rising, whilst the 21 day is falling steeply. So, we have clear divergence between the short and longer-terms trends. The USD/JPY is currently trading at 141.41 
 

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