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Jul 21 - 04:55 PM

USD/JPY - Recovers Half Of July's Drop As Stocks, Treasury Yields Recover

By Randolph Donney  —  Jul 21 - 02:46 PM
  • USD/JPY rallied just past Fri's high & 50% Fibo of July's drop at 110.34/365

  • Yen haven buying to start the week being flushed out as stocks rise again

  • The TINA risk response to Mon's risk-off USD/JPY drop nL1N2OX133 underpins

  • Key Fibo and cloud support by Monday's lows reinforced the rebound

  • Close above the 61.8% Fibo & last week's high at 110.67/70 next major hurdle

  • July 14's 110.70 EBS high is a pending B-wave high of an ABC correction

  • A close above there would target the 111.66 trend highs

  • But first, the 50% Fibo and kijun at 110.365 have to be closed above

  • Risk-reversal bearishly skewed, but big expiries all higher until Tuesday

For more click on FXBUZ


Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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