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Analysts at Scotiabank argued that USD/JPY short-term technicals are neutral-bearish.

Key Quotes:

“Momentum indicators are shifting and the RSI has fallen into bearish territory below 50. The DMI’s have converged and are now bearishly aligned.”

“USD/JPY is once again threatening its 50 day MA (109.62) and we note the absence of any material support between 109.20 and 108.80.”

“We look to resistance in the area between 110 and the 200 day MA at 110.22.”