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Mar 19 - 03:48 PM

USD/JPY - Grinds Beyond 110 Toward 2020 Highs On Risk Mix

By Randolph Donney  —  Mar 19 - 02:05 PM
  • USD/JPY up 1.8% on broad USD funding demand, JPY pullback on crosses

  • CCBS deepen to crisis extremes despite Fed swap lines nL1N2BC0KG

  • Some stability in stocks, bonds, oil weakening haven yen on crosses

  • If CCBS correct & stocks et al stop dropping, may yet be net USD/JPY+

  • Big 112 options expiries and 2020's 112.23 peak are topside targets

  • Prices set to close above final 76.4% Fibo at 109.62, eyes 112.23 next

  • Support is by 108.50/00 and today's 107.88 low by the 21-DMA

  • Focus is on BOJ's YCC as JGB buys only slowed yield rise nL1N2BC0PF

  • Japan holiday likely to further reduce liquidity, lift vol into w/e

Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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