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Jun 01 - 04:55 PM

USD/JPY - Down To Last Week's Breakout Point In Post-ISM Risk Dip, Pre-NFPs

By Randolph Donney  —  Jun 01 - 03:18 PM
  • USD/JPY 109.33 low tests May 19 swing high & pre-month-end breakout pt

  • Pullback in stocks, Treasury yields aided by ISM data nL2N2NJ1LQ

  • U.S. data very noisy, addled by supply-side tightness vs strong demand

  • Lots of technical props either side of 109, large 109 expiry Thursday

  • Last week's gains so far looking one-off and rebalancing driven

  • But slight bullish bias while above 109, with supply seen into 110

  • Kijun at 109.145 on EBS is an interim on-close pivot point

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Source:
Refinitiv IFR Research/Market Commentary

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