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Jan 02 - 04:55 AM

USD/JPY - Powerful Level Halted USD/JPY Drop - Deeper Slide Likely

By Jeremy Boulton  —  Jan 02 - 02:50 AM
  • The 55-DMA at 140.22 halted USD/JPY's drop which reached 140.27 EBS

  • Weekly Ichimoku cloud top is 139.57 which is 50% 2023 rise

  • Cloud twists in early February - twists often attract

  • Expected changes in interest rates continue to weigh on USD/JPY

  • After halving bets on yen dropping traders still short JPY

  • One-year USD/JPY swap suggests USD/JPY is too high - sub 140 likely

Source:
Refinitiv IFR Research/Market Commentary

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