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Oct 24 - 01:55 AM

EUR/USD - Moves Lower As USD/JPY Firms Despite Intervention Threat

By John Noonan  —  Oct 23 - 11:40 PM
  • EUR/USD moved up to 0.9899 early Asia after closing +0.78% at 0.9863 Friday

  • Move up was due to GBP/USD surge on reports Sunak likely to be next UK PM nL1N31O0H5

  • It reversed lower when USD/JPY rose to 149.70 when Tokyo arrived

  • USD/JPY was extremely volatile after rumoured MOF intervention nL4N31P01G

  • USD/JPY buying persisted despite intervention threat and USD stayed firm

  • EUR/USD traded down to 0.9825 and is around 0.9830 into the afternoon

  • Support is at 0.9775/85 where the 10 & 21-day MAs converge

  • A break below 0.9770 returns the pressure to the downside

  • Key resistance is at a trend-line from Feb that comes in at 0.9951

  • EZ flash PMIs the key event in Europe today

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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