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Jul 19 - 04:55 PM

USD/JPY - Risk-Off Plunge Held 61.8% Fibo, But Downside Risks Persist

By Randolph Donney  —  Jul 19 - 02:36 PM
  • Global risk-off flows sent the haven yen soaring broadly

  • USD/JPY's 109.07 lows on EBS was by 61.8% Fibo of April-July rise

  • Tumbled below July and June lows, the 100-DMA and cloud base beforehand

  • Prices back up by the 100-DMA at 109.435 to clear oversold hourlies

  • Treasury-JGB yield spreads dived to early 2021 levels, bearish

  • IMM spec longs were already exiting last week, sub-109 may force even more

  • Key support is at 108.575 and the 76.4% Fibo at 108.465

  • Weekly charts are very bearish, a sub-109.72 Friday close next sell signal

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Source:
Refinitiv IFR Research/Market Commentary

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