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