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Aug 19 - 11:55 AM

USD/JPY - Correction Risk Grows As Key Resistance Is Neared

By Christopher Romano  —  Aug 19 - 09:45 AM
  • USD/JPY hit a 17-session high of 137.18 on EBS on broad based US$ buys

  • Gain in US Treasury yields US2YT=RR help to underpin the dollar

  • USD/JPY is nearing key short-term resistance and sellers may emerge

  • The July 27 daily high, channel top sit in the 137.43/45 zone

  • Daily RSI is nearing overbought, monthly RSI is deeply overbought

  • Longs may decide to take profit ahead of key Federal Reserve risk next week

  • The Fed's Jackson Hole symposium is being held August 25-27

  • Any hints of a less hawkish Fed should send the US$ & US rates lower

  • For more click on FXBUZ



Source:
Refinitiv IFR Research/Market Commentary

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