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May 12 - 06:12 PM

USD/JPY - Consolidates After 1% Rise; 106.00-108.00 May Hold

By Krishna K  —  May 11 - 06:55 PM
  • USD/JPY rallies 1% on higher U.S. yields; currencies go their disparate ways

  • JPY weakens broadly despite warnings of a second wave of COVID-19 infections

  • Easing of lockdown restrictions in many countries reduces JPY's haven allure

  • Focus shifts to Fed Chair Powell Wed speech & upcoming US data nL4N2CS05S

  • Consolidation in past 1-month range of 106.00-108.00 likely to persist

  • Resistance 108.00-10, 108.25-30, 108.55-60; support 107.50, 107.25-30


JPY IMAGE: Click here

Source:
Refinitiv IFR Research/Market Commentary

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