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Jul 07 - 07:55 AM

USD/JPY - , On Balance, Will Likely Head Higher In Coming Sessions

By Martin Miller  —  Jul 07 - 06:05 AM
  • BOJ to raise inflation forecast, but keep dovish bias nL4N2YO0MI

  • USD/JPY chart bullish, expect big gains to new multi-year highs nL1N2YO0EB

  • Japanese importers in dip-buy mode, while exporters selling rallies

  • Spot has seen a 135.55-136.22 range on Thursday, according to EBS data

  • Expect a rebound in the days ahead to retest the 137.00 2022 high

  • 134.49 Fibo support is a 23.6% retrace of the 126.37-137.00 (EBS) rise

  • Poll: Yen to remain weaker than key 130-per-dollar at year-end nL4N2YN1F9

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

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

Source:
Refinitiv IFR Research/Market Commentary

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