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Dec 01 - 05:55 AM

USD/JPY - Fed's Powell Has "Pulled The Rug Out From Under" USD/JPY

By Martin Miller  —  Dec 01 - 03:50 AM
  • Dollar plunges versus yen as Powell says Fed to go slow nL1N32R0BF

  • Japan firms rising capex fuel hopes for smaller GDP contraction nL4N32Q2R4

  • USD/JPY sees a big collapse, on Thursday, dropping from 138.11 to 135.85

  • Some Japanese importer buys but not large, exporters hitting bounces

  • USD/JPY's slump unmasks the major 135.48 Fibo, outlook darkens nL1N32R0F6

  • 135.48 Fibo is a 76.4% retrace of the 130.40-151.94 (Aug-Oct) EBS rise

  • USD/JPY, EUR/JPY 30-day log correlation above +0.50 = positive relationship

Source:
Refinitiv IFR Research/Market Commentary

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