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  • Gold prices have plunged more than 5.1% off the September highs with the sell-off taking XAU/USD back into key technical support. Get your $XAUUSUD market update from @MBForex here:https://t.co/XqIJ5OJ5Hv https://t.co/O3CSNNCCWo
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  • WTO crude is on pace to put in its highest session close in three years. If it clears 76, it will be a far bigger technical event. $CL_F weekly chart below https://t.co/UPviQVRL2F
  • Fed's Williams: - It is reasonable for the taper to be completed by mid-2022 - I recognize that inflation is currently elevated
  • Both USD/CHF and USD/SEK rates appear poised for most upside in the near-term, while surging energy prices may be offering a different route for USD/NOK. Get your market update from @CVecchioFX here:https://t.co/0HFq7L8RCm https://t.co/7wF7mk4ip4
  • Fed's Williams: - Optimistic that the economy will allow an "imminent" taper - Elevated levels of uncertainty make forecasting difficult
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  • Fitch Ratings: - We do not expect the advent of a new gov't in Germany to produce a significant change in near-term economic prospects - Expect sound fiscal policies following German elections, with a focus on sustainability of public debt
  • The USD is trading in an ascending triangle formation, marked by horizontal resistance around the 2021 highs to go along with bullish trendline support. Get your market update from @JStanleyFX here:https://t.co/3HFBpRwqB4 https://t.co/jAfBE5EfQI
USD/JPY Breaking Down before Bank of Japan

USD/JPY Breaking Down before Bank of Japan

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Breaking Down before Bank of Japan

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “If risk on/off market conditions reappear (see FX Technical weekly), then expect a weak USDJPY. Friday’s high is right at the April high and a short term trendline. The break below 98 (and the trendline) increases confidence that price is headed towards 95.35 before finding another low. 95.25 is coming quicker than anticipated. Strength (on news or not) would face support turned resistance at 97.59-98.18.

FOREXTrading Strategy: GBPJPY short was missed by 1 pip (entry was 150.70). With too much uncertainty in the Cable market, I’ll refrain from GBPJPY for now. With USDJPY, I’m looking for support near 95.35 and resistance near 97.50-98.20.

LEVELS: 94.67 95.45 96.20 97.50 98.20 98.70

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

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