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Dec 14 - 07:55 AM

USD/JPY - Slumps Ahead Of Looming Fed Rate Decision

By Martin Miller  —  Dec 14 - 05:40 AM
  • Dollar is in bad shape after soft U.S. inflation data nL1N3340H6

  • FX traders focus switches to the looming Fed decision nL1N33409I

  • USD/JPY has dropped from 135.73 to hit 134.53, Wednesday, according to EBS

  • The recent failure above 137.94 Fibo should see a bigger drop nL1N3340FG

  • 137.94 Fibo: 23.6% of 151.94 to 133.62 (Oct to Dec) drop

  • USD/JPY and EUR/JPY see daily closes in same direction more often than not

  • 30/60-day log correlation between USD/JPY and EUR/JPY both above +0.50

Source:
Refinitiv IFR Research/Market Commentary

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