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May 05 - 06:55 AM

USD/JPY - Propped By Techs Support, Equity Recovery Moves

By Martin Miller  —  May 05 - 05:25 AM
  • USD/JPY slumped to 128.62 Wed and 128.76 on Thu, according to EBS data

  • USD/JPY's relapse has found support ahead of a key 128.60 Fibo nL2N2WX0CG

  • 128.60 Fibo is a 61.8% retrace of 126.97-131.25 (EBS) rise

  • Shares have charged higher after the Fed hike nL2N2WX0IC propping USD/JPY

  • In times of risk appetite, funds usually flow out of the safe-haven yen

  • USD/JPY's 30/60-day log correlations with EUR/JPY remains above +0.50

  • The two currency pairs close in the same direction more often than not

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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