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Thomson Reuters
May 02 - 12:12 PM
USD/JPY's 111 Post-Fed Low Hits Correction Target, Data Now Key
First appeared on eFXplus on May 02 - 08:25 AM
  • USD/JPY's 111 Wed low was a perfect ABC correction off April 24-25 drop
  • Market bought into Powell's predictions and trimmed priced-in rate cuts
  • Fri's jobs and non-mfg PMI will sharpen econ focus and steady Fed view
  • 112.03 Apr 26 high is pending B-wave top, close above bullish, confirms ABC
  • So far, 10-DMA, Tenkan & Tues's high at 111.69-70 are capping prices
  • Positive talk about US-China trade talks +, but final deal is crucial

Chart: Click here

Chart: Click here

Source:
Thomson Reuters IFR Markets

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