“We are looking for evidence of a top in USDJPY and USDCAD as they approach upside resistance.
Given the multi-month underperformance of the Greenback against both JPY and CAD, we prefer to fade upticks for a return to the year-to-date lows initially.
We are looking for a move lower in USD/JPY towards targets near 103.80, the 21-dma. A close below 103.80 would signal lower towards 100.00″.
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