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Japanese Yen Makes a U-Turn

The Japanese Yen might be showing early warning signs that the currency might be getting ready to reverse against the US Dollar. Over the past 24 hours, USD/JPY broke under the 145.07 inflection point that was established in late June. This followed the presence of negative RSI divergence showing fading upside momentum.

That can at times precede a turn lower. Now, recent losses have exposed the 20-day Moving Average (MA) as immediate support. This line may reinstate the near-term upside focus. Otherwise, confirming a breakout below opens the door to extending losses. Still, keep in mind that the rising trendline from March is maintaining the broader bullish technical bias.

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Important Notice Regarding Regulatory Requirements Imposed on MCI Global Investment Advisors Limited

The Financial Conduct Authority (FCA) has granted MCI Global Investment Advisors Limited’s (FRN 948996 (MCI) application to place requirements on it, which will impact the management of Novus Black Fund Ltd (NBF). These regulatory actions are intended to protect the interests of investors.

Key Details of the Requirements:

Novus Black Fund UK Ltd:

  • No new activity will be conducted on any broker accounts held for NBF.
  • All open positions at brokers will be closed, including the netting off of any fully hedged positions.
  • Daily reporting of the broker account balances will be provided to the FCA until further instructions are received.
  • Broker balances will be transferred in accordance with FCA written instructions.

More details of these requirements are available on MCI’s Financial Services Register entry
at:  https://register.fca.org.uk/s/firm?id=0014G00002fd8htQAA

A further update will follow in due course.

MCI Global Investment Advisors Limited