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Sep 28 - 07:55 AM

USD/JPY - Bullish, Seems On Course To Test The 2021 Peak

By Martin Miller  —  Sep 28 - 05:40 AM
  • USD/JPY seems to be on course to test the 2021 111.66 peak hit in July

  • Hawkish Fed expectations, higher U.S. yields behind USD/JPY rise

  • Spot gains despite continued sales from Japanese exporters - not so large

  • Monday's daily close above key 110.97 Fibo adds to the bullish bias

  • 110.97 Fibo is a 76.4% of the 111.66 to 108.73 (July to August) drop

  • USD/JPY has seen a 110.94-111.43 range on Tuesday, according to EBS prices

  • USD/JPY, EUR/JPY 30/60-day log correlations are both well above +0.50

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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