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Jul 23 - 04:55 PM

USD/JPY - U.S.-Centric Risk Concerns Favor The Haven Yen; Range Base Near

By Randolph Donney  —  Jul 23 - 02:40 PM
  • U.S. pandemic, fiscal and geopolitical concerns weigh on USD/JPY

  • Prices back down near July's repeated lows in the 106.60s

  • A sub-106.70 weekly close is needed to break out of range nL2N2EU175

  • May-June lows by 106 are the next key supports

  • Long-term bear trend since BOJ's 2015 QQE peak remains intact

  • March's low and Nov 2016's low at 101.18/19 plausible M-T targets

  • 10-year Treasury-JGB yield spreads are probing 30-year low

  • Overbought EUR/JPY and AUD/JPY both correcting from near 2020 highs

    For more click on FXBUZ

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Source:
Refinitiv IFR Research/Market Commentary

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