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Thomson Reuters
Aug 09 - 03:48 PM
USD/JPY - Holds 55-DMA, Then Fights To A Draw On EM Purge
First appeared on eFXplus on Aug 09 - 02:20 PM
  • USD/JPY rot stopped by key 55-DMA prop at 110.72, but weak bounce
  • Pair flat as JPY-funded EM/commodity ccy longs run for cover
  • DXY +0.4%, but USD/JPY flat due to derisking back into JPY
  • Treasury-JGB yields weigh after soft PPI & easy T-bond auction
  • US-Japan trade talks today, JP GDP tonight & US CPI Fri key events
  • 110 expiries Mon-Tues attractive if 110.50 sell stops are run
  • Big IMM net spec long position remains potential fuel for slide

Chart: Click here

Source:
Thomson Reuters IFR Markets

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