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Jan 27 - 06:55 AM

USD/JPY - Has Taken A Turn For The Worse In London

By Martin Miller  —  Jan 27 - 04:43 AM

• Japan's Nikkei down nearly 1% as tech shares stumble

• Doubts creep in about the U.S. dollar

• EBS flow data shows big bouts of selling in London trading

• USD/JPY has dropped from 156.25 to 154.47, on Monday, on the EBS

• That has pushed spot below the 154.97 Fibo once again this week

• 154.97 Fibo is a 38.2% retrace of the 148.65 to 158.88 (Dec to Jan) EBS rise

• Recall spot failed, on two occasions last week, to close below 154.97 Fibo

• USD/JPY and EUR/JPY tend to move in tandem with each other

EBS Flow Data Chart:


Daily Chart:


Correlation Chart:


(Martin Miller is a Reuters market analyst. The views expressed are his own)

Source:
London Stock Exchange Group | Thomson Reuters

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