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Sep 17 - 04:55 PM

USD/JPY - Eyes On July's Low, But May Get A 105.30 Fade Chance First

By Randolph Donney  —  Sep 17 - 02:45 PM
  • USD/JPY's 104.525 EBS low is right by 161.8% Fibo off Sep's high

  • The 38.2% Fibo of Sep's 106.55-4.525 drop is at 105.30

  • And 105.29 is the 61.8% of the July-Aug rebound closed below Wednesday

  • That close below puts the 104.195 July low in play, among other signals

  • Intraday recovery in Treasury-JGB spreads, pre-w/e squaring may be S-T prop

  • But long-term yield spread compression, REER point much lower nL1N2GE0LQ

  • And Japan's new PM is less likely to quickly complain about yen gains

  • Aside from March's low, yearly lows since 2018 were all in the 104.00s

  • But Treasury-JGB yields spreads were far higher in previous years

    For more click on FXBUZ


Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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