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May 18 - 04:55 PM

USD/JPY - Flirting With Confirmed Reversal Of 2021's Uptrend

By Randolph Donney  —  May 18 - 02:48 PM
  • Probing 2021's up trendline at 108.88, close below a blow to bulls

  • TL has been probed below since mid-April but not closed below yet

  • Weaker-than-expected U.S. data nL2N2N51FJ, save for CPI spike, weighs

  • With Fed fighting talk of tightening, inflation rise hurts real rates

  • May and April 108.34/7.48 lows are targets if trendline's closed below

  • 106 and the tenkan and Monday's low at 109.065/075 on EBS now resistance

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Source:
Refinitiv IFR Research/Market Commentary

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