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Thomson Reuters
Oct 11 - 02:36 PM
USD/JPY - COMMENT-Yield Fear Key As Risk Gauge USD/JPY Hits Near-Term Bottom
First appeared on eFXplus on Oct 11 - 10:50 AM

Risk barometer USD/JPY hit a near-term bottom as unexpectedly mild U.S. inflation nLNSBLEEM0 relieved the upward pressure on Treasury yields that has unnerved markets, and the currency pair can regain ground if equities and bonds stabilize.
111.96 low on EBS today perfectly completed an ABC correction off the 114.55 October peak and a 61.8 percent retracement of the September-October rise.
A close above the kijun at 112.46, could open up the 38.2-, 50- and 61.8-percent retracements of the 114.55-11.96 drop at 112.95/3.26/56, which line up with the 21-DMA, tenkan, Wednesday's high and the October 5 low.
Favorable seasonals could also help USD/JPY .
USD/JPY needs the S&P 500, Nikkei 225 and STOXX 600 to hold key supports.
The S&P is near its 200-DMA at 2,765.
This week's dive will be a simple correction if it avoids a daily range below it.
N225 is probing its 200-DMA and uptrend line from March lows.
The STOXX is close to the uptrend line across the post-GFC and euro zone crises and Brexit lows.

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Chart: Click here

Chart: Click here

Thomson Reuters IFR Markets


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