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  • Key break here in the 10-year #Treasury yield as it rises to the highest since late June Took out 1.4230 resistance, and the 100-day SMA Eyes now on the 38.2% Fib extension at 1.4775 Also potential falling resistance from March https://t.co/4cI6l210ui
  • The move in rates after this week’s FOMC has continued and the 10 year yield has pushed up to a fresh two-month-high. Get your market update from @JStanleyFX here:https://t.co/CRWhuZ3sxD https://t.co/svHHqN2Zz8
  • S&P 500 contending with its proverbial ‘line in the sand’ as bulls and bears battle for directional control. How we close/trade around the 50-day moving average could serve as a noteworthy bellwether for risk trends headed into next week. I remain cautious below ~4,480. $SPX $ES https://t.co/qogkjs1Sx2
  • USD/JPY trades to a fresh monthly (110.57) amid the pickup in longer-dated US Treasury yields, and the exchange rate may stage a larger advance over the coming days. Get your market update from @DavidJSong here:https://t.co/dlNXOrJnM9 https://t.co/LCQd26W1zF
  • US yields continue to climb, with the 10-year Treasury yield trading above 1.45% $ZN $ZB https://t.co/N4EDfwD3nZ
  • $USDJPY bull thesis appears quite constructive. Technicals show topside breakout above trend resistance following a period of consolidation. Bond yields providing the fundamental catalyst. Eyes on Aug/YTD highs. A broad-based deterioration in market sentiment poses downside risk. https://t.co/AazskXGjHq
  • WTI posting another session of strong gains, currently flirting with the 74 handle $CL #Oil #OOTT https://t.co/oYnm2OYRky
  • The New Zealand Dollar’s bullish breakout attempt in early-September was rebuffed. Price action at the end of the month is telling a different story. Get your market update from @CVecchioFX here:https://t.co/AquMSrssne https://t.co/DtFuFfrS7Q
  • So much for that Evergrande recovery. Shares of the troubled Chinese property developer are down approximately -12% today following yesterday's impressive rally (biggest in a year) https://t.co/Nome25d9Bt
  • Retail trading platform Robinhood announces hire of new Chief Compliance Officer amid regulatory scrutiny
Near-term Setups in USD/JPY, GBP/USD and Ethereum

Near-term Setups in USD/JPY, GBP/USD and Ethereum

Michael Boutros, Strategist

USD/JPY 240min Chart

USD/JPY Price Chart - 240min Timeframe

Last week we noted that USDJPY was testing a critical near-term resistance zone at 114.30/50 with a favored break below parallel support extending off the September lows needed to shift the focus lower in the pair. A late-week break has USDJPY trading lower with the decline largely holding within this near-term descending channel formation. The focus remains lower while below the weekly open at 113.45 with near-term support targets eyed at 112.26 and the 38.2% retracement / channel support at 111.90.

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USD/JPY IG Client Sentiment
  • A summary of IG Client Sentimentshows traders are net-long USDJPY- the ratio stands at +1.08 (52.0% of traders are long) – Weak bearishreading
  • Long positions are 2.9% lower than yesterday and 0.3% lower from last week
  • Short positions are 3.9% lower than yesterday and 23.1% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USDJPY prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USDJPY-bearish contrarian trading bias.

See how shifts in USD/JPY retail positioning are impacting trend- Click here to learn more about sentiment!

GBP/USD: The focus is on a pending breakout in sterling as the monthly opening-range continues to take shape just above a critical slope support barrier. The immediate range of interest is 1.3063-1.3221 with a topside breach favored. I highlighted this setup in today’s Scalp Report.

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ETH/USD 240min

ETH/USD Price Chart - 240min Timeframe

Ethereum prices reversed off our initial resistance target today at 338. Interim support at 321 with the focus remains higher while above the November open at 304. A breach higher targets subsequent resistance objectives at 349/50 backed closely by 355 & the 61.8% extension at 362.

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---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex or contact him at mboutros@dailyfx.com

https://www.dailyfx.com/free_guide-tost.html?ref-author=Boutros

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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