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Mar 04 - 03:55 PM

USD/JPY - Powell Provides Bullish Yield Afterburners For Already Hot Market

By Randolph Donney  —  Mar 04 - 02:03 PM
  • USD/JPY soars to nearly 8-month highs, before and after Powell nS0N2JQ018

  • Breakout began at Wed's 107.16 EBS high & 50% Fibo of pandemic downtrend

  • Almost a straight line up from there toward 108 with Powell's help

  • Next targets are 76.4% and 61.8% Fibo of drops from June and March highs

  • Those are at 108.13/23. June's high & 100% Fibo off 102.60-622 are at 109.85

  • Daily RSIs above 80 and weeklies at 74 as spec short squeeze is unrelenting

  • BOJ still trying to figure out how to improve its QQE, YCC policies

  • But can't be too unhappy about the yen's rapid fall

For more click on FXBUZ


Chart Click here

Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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