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May 20 - 05:55 AM

USD/JPY - FX Traders Should Take Their Lead From USD/JPY

By Jeremy Boulton  —  May 20 - 03:50 AM
  • USD/JPY based in the midst of risk aversion thought driving its decline

  • USD/JPY based as soon as it reached oversold territory nL2N2XB12I

  • Pair has subsequently jumped back over 128.00 (128.21 EBS in Tokyo)

  • Today was Gotobi day with Japanese firms buying dollars

  • The drop towards 127 may be the foundation for a run to new highs

  • Should pair exceed 130.57 a run towards 150 may ensue

  • USD/JPY rebound is likely a leading indicator for other USD pairs

  • Due SNB policy USD/CHF is a prime candidate to follow USD/JPY higher

  • Related commentary nL2N2XC0CXnL2N2XC0BC


USDJPY Click here

Source:
Refinitiv IFR Research/Market Commentary

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