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Jan 12 - 11:55 AM

USD/JPY - After U.S. CPI Data Weekly Cloud Key For USD/JPY Traders

By Jeremy Boulton  —  Jan 12 - 09:45 AM
  • USD/JPY bounces off weekly Ichimoku cloud 129.65-124.05

  • Break into cloud would open up significant downside potential

  • Judged by trading ahead and after CPI there's plenty of will to sell USD

  • Caution needed as base of weekly Bollingers bands is 128.57

  • Base 20-day Bollinger bands is 129.39

  • USD/JPY drop is becoming stretched - heightening chance correction

  • From longer-term perspective - may be the time to invest in yen nL1N33W0JY

  • Optimism in FX markets is at odds with expectations nL1N33X0LH


Source:
Refinitiv IFR Research/Market Commentary

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