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Jan 28 - 04:55 AM

USD/JPY - A USD/JPY Move Over 156.25 Could Lead To A Big Rise

By Jeremy Boulton  —  Jan 28 - 02:48 AM

• Traders have sold USD/JPY before and after Jan 24 BOJ meeting

• Pair dropped from 158.88 on Jan 10 to 153.72 on Jan 27

• Highly likely that traders have flipped to a net short position

• On Jan 27 USD/JPY slumped 156.25 to 153.72

• Should the pair now rise over Jan 27 it will force traders to adjust

• Potentially the rally could reach 164

• USD/JPY is supported by both U.S. and Japanese monetary policy

• Traders selling dollars may hay sprung a bear trap


(Jeremy Boulton is a Reuters market analyst. The views expressed are his own)

Source:
London Stock Exchange Group | Thomson Reuters

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