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May 20 - 07:24 AM

USD/JPY - Is On Track Back To Key 108.08 Resistance Grouping

By Randolph Donney  —  May 19 - 08:40 AM
  • USD/JPY uses risk-on demand to clear prior May hurdles, eyes 108.08

  • April 16, 17 highs EBS and 61.8% Fibo of March-May drop are at 108.08

  • Today's rally clears daily cloud top, 55-DMA & prior May high at 107.52-76

  • Rally is being helped by broad unwinding of long haven yen trades

  • EUR/JPY's bullish breakout on EU Rescue Fund hopes leads yen selling

  • Risk-on flows helped by reopening and Covid-19 treatment, vaccine hopes

  • Monday's manic risk-on flows are consolidating, but not reversing

  • Beyond 108.08 are the 200-DMA and April high @108.28/9.38

Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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