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Jan 10 - 08:55 AM

USD/JPY - Drops Under A Key Fibo As NY Traders Enter The Fray

By Martin Miller  —  Jan 10 - 07:15 AM
  • There was talk of option play gamma bids circa 115.50 in Asia

  • Monday sees a drop from 115.85, to break under the key 115.45 Fibo

  • 115.45 Fibo, 23.6% of the 112.54-116.35 (Nov-Jan) EBS rise, broken

  • A close under 115.45 will lessen the chance of a Jan 4 116.35 peak retest

  • 116.35 EBS print was the highest level seen since January 2017

  • Japan holiday limited trading in Asia, they return on Tuesday

  • USD/JPY-EUR/JPY correlation breaking down, 30/60-day logs both sub +0.5

USD/JPY Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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