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May 24 - 04:55 PM

USD/JPY - Dive On Rates, Risk Slippage Increases Major Top Threat

By Randolph Donney  —  May 24 - 02:35 PM

  • USD/JPY fell 0.94% with a 126.37 EBS low well below priors props by 126.90

  • Off lows with Treasury yields and stocks, but 126.90-7.00 is now resistance

  • US data favored the growth slowdown and less Fed hiking view nL2N2XG1GO

  • Pair so far holding above weekly tenkan & 50% of Mar 31-May 9 rise at 126.32

  • Weeklies remain bearish & 121.94 kijun is plausible after a sub-126.32 close

  • Bearish daily tenkan/kijun cross at 128.21/86 eyes cloud top, Wed at 125.17

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Source:
Refinitiv IFR Research/Market Commentary

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