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May 12 - 05:55 AM

USD/JPY - Propped By Techs, Weighed Down By Falling Stocks

By Martin Miller  —  May 12 - 03:43 AM
  • Inflation anxiety jolts stocks, Asia tumbles to two-month lows nL1N2MZ0B3

  • In times of rising risk aversion, funds usually flow into safe-haven yen

  • Therefore the sell-off in stocks is keeping a lid on USD/JPY

  • USD/JPY's thickening cloud (107.27-109.44) limiting downside nL1N2MZ0DI

  • Japanese importers, investors retain downside bids

  • USD/JPY has seen a 108.62-108.91 range on Wednesday, according to EBS prices

  • USD/JPY, EUR/JPY 30-day log correlation under +0.5, weak relationship

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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