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Aug 10 - 06:55 AM

USD/JPY - Support For The Bullish Argument Remains Strong

By Peter Stoneham  —  Aug 10 - 04:40 AM
  • Supported above its daily Ichimoku cloud USD/JPY set to climb

  • Cloud top today at 134.25 vs initial res. at 135.58, Aug 8 high

  • Main bull hurdle at converged 21-30DMAs, 135.75-81: 61.8% Fibo 135.95

  • Dollar's big yield advantage over the yen set to grow

  • CB policy divergence unlikely to change anytime soon

  • Also note a significant reduction in USD/JPY bull bets

  • The net long position was USD 11.5 bln in May, now just USD 4 bln

    For more click on FXBUZ





Source:
Refinitiv IFR Research/Market Commentary

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