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Apr 20 - 04:55 PM

USD/JPY - Probing Props By 108, Waiting For Next Risk Chips To Fall

By Randolph Donney  —  Apr 20 - 02:37 PM
  • USD/JPY probed below 108 props for a second day, but bounces faded

  • Drop in Treasury yields amid risk-off flows a limited drag

  • USD and JPY both seen as havens, nice rebound in yen on the crosses

  • False dawn for USD/JPY longs with bounce to 108.545 on EBS nL1N2MD1HK

  • 38.2% Fibo of 2021's rise at 107.77 & nearby 55-DMA are next key supports

  • Daily cloud top also rises to 107.74 on Wednesday

  • Bears in control while below the broken 23.6% and tenkan by 109

  • Focus now on whether today's drop in major equity markets persists

  • Prices becoming positively correlated to S&Ps, were negative in Feb-Mar

  • ECB, Fed and BOJ meetings this week and next

  • 50%/61.8% Fibo's at 106.78/5.79 eyed if risk-off flows accelerate

For more click on FXBUZ


Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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