Going into the US Thanksgiving holiday week, my eyes will be on the USDJPY. While further weakness in equities and weakening US bond yield could put the pair under further pressure, we can also easily get a bounce first thing on Monday morning. This is because the pair is sitting on key support on both weekly and daily charts. On the weekly, the 50 and 200 SMAs provide support, and on the daily chart we also have the 200 SMAs coming in just under the key 112.000 handle. I want to see a break below this level to get long the YEN again, and on the long side I will be looking for a break above 112.500.
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