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Jan 15 - 10:55 PM

USD/JPY - Breaks Below Recent Range Base As Longs Bail

By Haruya Ida  —  Jan 15 - 09:05 PM

• USD/JPY sales following the Tokyo fix have been strong

• After an uptick to 156.52 into the Tokyo fix, pair off hard to 155.24 EBS

• More longs tipped to be bailing out of positions

• Shift in expectations on the BOJ next week seen behind moves

• High Japan wholesale prices in December, fresh poll add to hike view

• A hike may still be premature but Ueda/Himino hints of debate hit a nerve

• "Shift" in view coming in tandem with fall in US yields from recent highs

• Recent USD/JPY range base around 156.00 effectively pierced

• Support below at ascending daily Ichimoku kijun line at 155.34, then 155.00

• More support eyed at also ascending 55-DMA at 154.61 on 155.00 break

• Upside option expiries today from 156.00 now look to help cap market

• Related comment , view BOJ to hold

• Also , on Japan data/poll
USD/JPY hourly:


(Haruya Ida is a Reuters market analyst. The views expressed are his own)

Source:
London Stock Exchange Group | Thomson Reuters

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