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Jan 02 - 06:55 AM

USD/JPY - Downside Limited By Technical, Fundamental Factors

By Martin Miller  —  Jan 02 - 04:46 AM

• USD/JPY has dropped from 157.80 to 156.44, on Thursday, EBS data shows

• A NY cut option expiry at 156.65, worth USD 1.1B, draws spot

• USD/JPY's downside limited, gains expected in coming sessions

• Spot found support at 156.02, on Tuesday, ahead of 155.86 Fibo

• 155.86 Fibo is a 23.6% retrace of the 148.65-158.09 (Dec) EBS rise

• Yield gap between Fed, BOJ keeps USD/JPY's bias on the upside

• The 30 and 60-day correlations between USD/JPY and EUR/JPY are high

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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