The war in the Middle East prompted a wider flight towards traditional safe-haven assets like gold and US Treasuries but there has been little impact on the yen
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USD/JPY appears to have found support around 148.50 – the lower bound of the self-identified ‘danger zone’ ahead of 150. It is in this area that prior nervousness can be witnessed as The RSI failed to rise towards overbought territory, perhaps opening the door to another push towards 150 while the MACD reveals a lack of bullish momentum after the MACD line crossed the signal line.The risks to new long positions remain extremely high and provides an unappealing risk to reward ratio so near to that 150 level. Should Tokyo run out of patience and intervene in the FX market again, 146.
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