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Apr 22 - 05:55 PM

USD/JPY - Modest Gain As Key Props Hold, U.S. Jobless Claims Hit 1-Year Low

By Randolph Donney  —  Apr 22 - 03:14 PM
  • USD/JPY holds above 38.2% of 2021's rise at 107.77 for 2nd day

  • Much-better-than-expected U.S. claims props Tsy yields, dollar

  • But Tsy yields dip late in risk-off response to Biden wealth tax plan

  • 107.815-8.23 range on EBS is below Wed's 108.28 high, 9th lower high

  • Prices consolidating ahead of next week's BOJ and Fed meetings

  • Bias remains bearish while below the 23.6% Fibo at 109 nL1N2MF1YQ

  • Especially with $6.68bln net spec long taken above current quotes

  • Below 107.77 and nearby up TL from Jan's low, targets are 106.78/5.79

  • Japan CPI tonight, but global April PMIs likely to be top focus Friday

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Source:
Refinitiv IFR Research/Market Commentary

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