* RES 4: 164.55 High Jan 7 * RES 3: 164.08 High Jan 24 and a key resistance * RES 2: 162.70 High Jan...
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EURJPY is sharply firmer Wednesday as the cross extends the rebound from Monday’s low. MA studies are in a bear-mode position and this suggests that the latest recovery is likely a correction - however today’s rally shows the correction has legs. Initial resistance at 159.93 has given way, shifting focus to key resistance at 161.09, the 50-day EMA, where a break would highlight a stronger reversal. The bear trigger lies at 155.61, the Feb 10 low.
The federal budget deficit came in at $128.6B in January, well above the $94.8B expected and $21.9B in January 2024 (Dec 2024 was $86.7B) This was the biggest January deficit since 2021.