The new year gets going with some big moves and flights to safety. Stocks are down and the Japanese Yen and US Dollar are up quite strongly, while European currencies weaken.
The yen / dollar pair retested crucial resistance at 119.66, and is moving down from this level. The Japanese Yen is very clearly the strongest currency right now.
The EURo / USD pair has moved down from the area of 1.10 with momentum, and is now threatening to break below a very crucial level at 1.0790, which would be a very bearish sign.
The Pound / USD pair has resumed its strong downwards trend, falling sharply from yesterday’s pull back to the round number at 1.48 and making new multi-month lows.
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