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May 01 - 08:55 PM

USD/JPY - Cautious Recovery Follows After 6-JPY Drop; Upside Limited

By Krishna K  —  May 01 - 07:00 PM
  • USD/JPY recovers in Asia after sharp fall in NYK on suspected intervention

  • Rallies to 155.35 from NYK low of 153.00 as bargain hunters step in

  • Wednesday range 157.99-153.00, Thursday Asia range 154.15-155.35

  • Rapid 157.58-153.00 post-Fed drop occurred at NYK close/ Wellington open

  • Japan had said stands ready to deal with FX matters around the clock

  • Picked right time; market thin and Fed was not as hawkish as feared

  • Fed keeps rates unchanged, flags 'lack of further progress' on inflation

  • Traders relieved as Powell said rate increases remained unlikely

  • Initial resistance at 155.50-70; 155.76 is 38.2% of 160.24-153.00 drop

  • Support at 154.00-20, 153.00, 152.61, the 38.2% Fibo of Dec-April drop

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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