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Mar 23 - 04:55 PM

USD/JPY - Shrugs Off Early Yen-Led Haven Sell-Off, Still Consolidating

By Randolph Donney  —  Mar 23 - 02:39 PM
  • USD/JPY well off the early 108.405 EBS low that came on broad haven yen bid

  • Buyers found ahead the March 12 week's 108.28 low and on-close pivot point

  • USD up broadly as U.S. seen well ahead of EU, Japan, others in pandemic exit

  • Workout of O/B techs, belated spec buying binge weighs on 2021's 6.6% surge

  • More bearish options profile isn't pointing to a major pullback nL1N2LL1IK

  • Fed's Powell & Treasury's Yellen stick to full support plans nN9N2JO00G

  • March PMIs out Wednesday and 5 & 7-yr Tsy auctions Wed & Thur key events

  • Powell and Yellen unlikely to change their tune at Senate hearing Wednesday

  • Uptrend's on hold until daily ranges are above the 10-DMA, now at 108.83

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Source:
Refinitiv IFR Research/Market Commentary

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