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Oct 12 - 11:55 AM

USD/JPY - Reaches A Potential Intervention Level

By Jeremy Boulton  —  Oct 12 - 09:35 AM
  • Oct 12 USD/JPY reaches 146.88

  • Target for min tech correction of drop sparked Plaza Accord is 147.08

  • Gains over 147.08 should lead to a bigger correction

  • The 50% and 61.8% retracements of that drop are 169.18 and 191.27

  • BOJ has already showed its willingness to intervene

  • BOJ may need to delay or slow a rise beyond 147.08

  • Bad situation could soon turn ugly for EUR/USD traders




Source:
Refinitiv IFR Research/Market Commentary

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