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Aug 28 - 06:55 AM
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USD/JPY - Higher, Focus On Possible U.S.-Japan Meeting Next Week
By Martin Miller — Aug 28 - 05:36 AM
• Yen has surrendered part of its intervention-driven gains, set for a monthly drop
• USD/JPY has risen from 159.30 to 159.65, on Friday, EBS data shows
• It could be set for a sustained break above the August 18 159.78 peak, buy stops likely above
• That would unmask 160.63 Fibo, a 61.8% retrace of the 163.99 to 155.20 (July to August) fall
• USD/JPY and EUR/JPY tend to move in tandem, log correlations are high above +0.5
• Financial markets are focusing on whether Katayama and
Ueda will meet Bessent next week
Daily Chart
Correlation Chart
(Martin Miller is a Reuters market analyst. The views expressed
are his own)
Source:
London Stock Exchange Group | Thomson Reuters