Fri, Jan 21, 2022 @ 03:11 GMT
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US stocks in deep selling mode, USD/JPY follows DOW lower

US stocks suffer steep selloff as led by 3M, Caterpillar and Google. At the time of writing, DOW is trading down nearly -1.5%. The development, with rejection from 55 H EMA, suggests that rebound from 23344.52 has completed at 24858.97. Focus is now on 24000 handle. Firm break there could bring retest of 23344.52 low.

And, due to the selloff in stocks while 10 year yield is still struggling to stay above 3% handle, USD/JPY is having a relatively deep pull back. Focus is back on 108.54 minor support. Touching there will already mean temporary topping . That is, recent rise from 104.62 is taking a breath. And, some consolidations would be seen before another rise.

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