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Apr 21 - 06:55 AM

USD/JPY - Could Collapse If The Flight To Safety Intensifies

By Martin Miller  —  Apr 21 - 05:21 AM
  • Nikkei 225 index closed down over 2% due to heightened pandemic fears

  • Safety bid bolstered yen in Asia, USD/JPY hit a 7-week low nL4N2ME162

  • USD/JPY later recovered to a 108.28 EBS high in London

  • USD/JPY remains at risk of a drop under a key 107.77 Fibo nL1N2ME0EI

  • 107.77 Fibo is 38.2% of the 102.60 to 110.97 (January to March) rise

  • Dollar's decline has been halted by two major support levels nL1N2MD2Z9

  • USD/JPY, EUR/JPY 30-day log correlation remains under +0.5

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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