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Mar 23 - 05:55 AM

USD/JPY - Hit A New Multi-Year High, Buying Has Since Paused

By Martin Miller  —  Mar 23 - 03:40 AM
  • USD/JPY peaked at 121.41 in early Asia, a new multi-year (EBS) high

  • Possible 121.50 barrier options limiting the upside in the short-term

  • EBS flow data shows buying has tailed off since the peak

  • Daily chart bullish as trading remains above 119.52 Fibo nL2N2VQ0CO

  • Major broken 119.52 Fibo: 76.4% retrace of 125.86-99.00 (2015-2016) drop

  • USD could soar versus yen to levels not seen since 2015 nL2N2VP0K3

  • USD/JPY's 30/60-day log correlations with EUR/JPY are above +0.50

  • The two currency pairs close in the same direction more often than not

EBS Flow Data Chart: Click here

Weekly Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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