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Oct 17 - 08:55 PM

USD/JPY - Yen Weakness May Attract BoJ Intervention Into 150

By Andrew M Spencer  —  Oct 17 - 06:40 PM

  • Steady after closing +0.15%, with the U.S. dollar broadly weaker =USD -1.1%

  • Yen slumped on the crosses, GBP/JPY +1.75%, EUR/JPY +1.5%, AUD/JPY +1.65%

  • BoJ intervention possible on yen weakness, which is currently the case

  • Markets will be wary of BoJ intervention if USD/JPY approaches 150.00

  • Charts; 5, 10 & 21 day, week and month moving averages all trend higher

  • Rising Tenkan line, a base in October, is initial significant resistance

  • Well tested trend channel that began in April, today major 149.43 resistance

  • NY 148.55-149.10 range is initial support and resistance

    For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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