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Nov 17 - 04:55 PM

USD/JPY - Another Rejection Ahead Of 115 Hits Overbought Market Hard

By Randolph Donney  —  Nov 17 - 01:56 PM

  • USD/JPY's 114.975 EBS multi-year peak Wed sparks major pre-115 rejection

  • Since mid-2017, rallies into the 114.00s have not ended well

  • Big 115 barrier option defenses were very well defended Wed

  • Recent longs looked for the exit after false breakout past Oct high

  • Retreat came as Treasury-JGB yields fell back, despite great US data Tues

  • Low so far at 113.935, above tenkan, kijun, 10-, 21-DMAs at 113.85-87

  • Bearish overbought divergence risk if Mon's 113.755 low is closed below

  • Key is where Fed hike end-game may be vs current rates nL1N2S81NK

    For more click on FXBUZ


Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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