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May 01 - 07:55 AM

USD/JPY - Traders Continue To Demand USD/JPY After Friday's Huge Rise

By Martin Miller  —  May 01 - 05:55 AM
  • Nikkei crosses 29,000 as yen weakens on BOJ's dovish stance nL1N36Y06M

  • USD/JPY's 2nd biggest gain of 2023 on Friday, very bullish sign nL1N36Y07H

  • The currency pair closed up a whopping 239 pips on Friday

  • Spot's rise continued on Monday from 136.20 to 136.98, EBS data shows

  • 200-DMA at 137.01 and the March 137.90 peak are both vulnerable for a retest

  • EUR/JPY's correlation with USD/JPY high, 30/60-day logs are both above +0.60

Source:
Refinitiv IFR Research/Market Commentary

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