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Nov 01 - 04:55 PM

USD/JPY - Falls Back From Near Year's High Pre-Fed Amid Risk Aversion

By Randolph Donney  —  Nov 01 - 02:40 PM

  • USD/JPY's early 114.445 high sold pre-2021's 114.695 nearly 4-yr high

  • Early gains on post-Japan election risk-on flows dimming the haven yen

  • Traders treading lightly ahead of Fed on Wednesday, NFPs Friday

  • Pullback so far homes in on 10-DMA at 113.94 nL1N2RS0WT

  • October uptrend intact unless 38.2% Fibo at 113.21 on EBS is closed below

  • Treasury yields and S&Ps weaker after ISM mfg data fit inflation mold

  • Specs most net long USD/JPY since 2018's price peaks nL1N2RS1I2

  • Some pullback risk if Fed doesn't add to tightening pricing Wednesday

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Source:
Refinitiv IFR Research/Market Commentary

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