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Jan 11 - 06:55 AM

USD/JPY - Torn As Short Squeeze Buffered By Virus Worries

By Martin Miller  —  Jan 11 - 04:37 AM
  • Hedge funds are said to be short USD/JPY, keeping pressure on the upside

  • EBS flow data shows short squeeze caused by profit-taking since Thursday

  • USD/JPY bulls eye a test of major falling trend-line at 104.36 nL1N2JL0HK

  • However virus worries hit stocks nL1N2JM0HG, keeps s-term lid on USD/JPY

  • USD/JPY has seen a 103.81-104.22 range, according to EBS prices on Monday

  • USD/JPY, EUR/JPY relationship weak, 30-day log correlation well under +0.50

EBS Flow Data Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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