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Thomson Reuters
May 11 - 02:36 PM
USD/JPY - Soaring Oil Weighs JPY May See USD/JPY Pressure Its 200-DMA
First appeared on eFXplus on May 11 - 06:45 AM
  • Oil recent rally started from a 67.11 low on April 6
  • USD/JPY 109.30 today from 106.90 area on April 6
  • Higher oil bad news for importers, apparent in recent TRY and INR drops
  • Resurgent stocks are also likely to weigh on JPY as its sold to fund carry
  • Stocks gains will encourage Japan's investors to buy planned foreign assets
  • Potent combination could lift USD/JPY to retest the key 200-DMA now 110.18

JPY and other oil importers vs crude Click here

Source:
Thomson Reuters IFR Markets

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