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Oct 12 - 05:55 AM

USD/JPY - Biggest Daily Gain In Many Months Puts Bulls In Charge

By Martin Miller  —  Oct 12 - 04:09 AM
  • Yen slumps as rising energy prices, U.S. yields bite nL1N2R805P

  • Japanese importer bids are said to start at 113.00, right by Tuesday's low

  • Japan importers panic, double whammy of JPY weak, surging commodity prices

  • USD/JPY, on Monday, saw a 111 point rise on EBS: biggest gain since Nov 2020

  • Tuesday has seen USD/JPY peak at 113.49, highest level in nearly 3 years

  • Option hedging, large USD long, could limit USD/JPY nL1N2R80BWnL1N2R70IE

  • Chart bullish, previous 112.40/23 2019/2020 highs supportive nL1N2R80BN

  • USD/JPY versus EUR/JPY 30/60-day log correlations are both well above +0.50

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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