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Feb 04 - 07:24 AM

USD/JPY - Better Risk Appetite Sees Near-Term USD/JPY Short-Covering

By Martin Miller  —  Feb 04 - 04:35 AM
  • A USD/JPY close above the cloud will signal an end to weakness nL1N2A406G

  • Cloud spans 108.81-109.08 region. Spot has seen 108.55-109.08 EBS range

  • Better risk appetite and near-term short-covering helped USD/JPY's recovery

  • The Nikkei 225 index closed up 0.49%. European stocks bounce nL8N2A426S

  • China virus fears caused USD/JPY's biggest daily drop since Oct nL1N2A303S

  • EUR/JPY's 30/60-day correlations with USD/JPY are +0.61 and +0.63

Daily Ichimoku Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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