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Jan 25 - 07:55 AM

USD/JPY - Sellers Have Upper Hand, But That Could Quickly Change

By Martin Miller  —  Jan 25 - 05:53 AM
  • USD/JPY bulls stopped in their tracks by huge technical supply nL1N2K00EJ

  • USD/JPY sees a 103.68-89 range so far on Monday, meaning bias on downside

  • Japanese exporter offers have continued to limited the upside

  • There are said to be decent offers from Asian names circa 103.90 and 104.10

  • Though dollar shorts in real danger of being crowded out nL1N2JZ0EH

  • Global stocks rise on recovery hopes nL1N2K00HT

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

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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