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Thomson Reuters
Oct 31 - 03:48 PM
USD/JPY - Trying For October Highs, If Risk, Rates Will Allow
First appeared on eFXplus on Oct 31 - 02:20 PM
  • USD/JPY cracked 113.34 o/n & 61.8% Fib high with NY's 113.39 high
  • Quick dip from 113.39, also the Oct 9 high, to 112.82 (EBS)
  • Rebound in US rates, risky assets creating upside space
  • Broader USD bid off strong ADP, consumer conf and earnings
  • Also some hope re China stabilization efforts amid trade war
  • But EMs, particularly CNY, limit appetite for JPY shorts
  • Close above 113.34 needed after NFP Fri for 114.55 Oct high retest
  • Main uptrend intact until there's a close below 100-DMA (111.65)

Chart: Click here

Source:
Thomson Reuters IFR Markets

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