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May 21 - 04:55 AM
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USD/JPY - Bullish USD/JPY's Focus Is On A Key Fibo Level Above
By Martin Miller — May 21 - 03:27 AM
• USD/JPY trading above the daily cloud, that currently spans the 156.38-158.98 region
• Spot has seen a 158.81-159.09 range, on Thursday, according to EBS data
• Expect bigger gains through the 159.37 Fibo, a 76.4% retrace of the 160.72 to 155.00 drop
• Market wary of MOF-ordered FX intervention but USD/JPY demand is noted on dips
• 30-day log correlation between USD/JPY and EUR/JPY is above +0.5 (pairs moving in tandem)
• BOJ Koeda reinforced hawkish expectations at June BOJ
Policy Board meeting
Daily Chart
Daily Chart
(Martin Miller is a Reuters market analyst. The views expressed
are his own)
Source:
London Stock Exchange Group | Thomson Reuters