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Sep 22 - 06:55 AM

USD/JPY - Intervention Alleviates Overbought Situation, Risks Lie Higher

By Jeremy Boulton  —  Sep 22 - 04:35 AM
  • USD/JPY was steeply overbought on both weekly and monthly charts

  • It was nearing overbought territory on daily chart

  • USD/JPY intervention has alleviated main factor restraining USD/JPY rise

  • Intervention is counter to BOJ's own policy, effective easing

  • The probability of successful intervention is remote unless policy changes

  • If BOJ maintains policy yen will remain under pressure

  • Buying time for traders to adjust for a deeper yen fall may be wise

  • Drawing any line in the sand is folly





Source:
Refinitiv IFR Research/Market Commentary

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