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Mar 16 - 04:55 PM

USD/JPY - Burdened By Overbought Pressures Pre-Fed, 2020's Pre-Pandemic Highs

By Randolph Donney  —  Mar 16 - 02:48 PM
  • USD/JPY still working through its most extreme O/B conditions since 2016

  • Dodgy U.S. data added to early wobble to 108.775 EBS low nL1N2LE11E

  • Recovered above 109 with Treasury yields before 20-yr Tsy auction

  • Dwindling spec shorts sapping the pair of easy squeeze fuel nL1N2LE1DM

  • Overbought uptrend is intact, though, while above last week's 108.28 low

  • 76.4% Fibo of late-March to Jan slide and June's high are eyed at 109.56/85

  • 2020's pre-pandemic high at 110.30 doable if Fed-BOJ let ylds spreads rise

For more click on FXBUZ


Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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