USD/JPY: Better than expected Tankan Index

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This morning, the Bank of Japan Tankan Large Manufacturers Index was posted at -10 for 4Q, better than -15 expected. The Outlook Index was posted at -8, also better than -11 expected.

From a technical point of view, on a daily chart, USD/JPY is capped by a declining trend line and by its declining 50-day moving average (in blue). Readers may therefore consider the potential for further weakness below horizontal resistance at 105.00 as the nearest support would be set at November bottom at 103.10 and a second one would be set at horizontal support at 102.40 in extension.

Source: TradingView, GAIN Capital

Related tags: Forex Forex JPY

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