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May 18 - 07:55 AM

USD/JPY - FX Traders Just Can't Get Enough Of USD/JPY, New 2023 Highs Hit

By Martin Miller  —  May 18 - 05:45 AM
  • FX traders have been buying USD/JPY for most of this week

  • EBS flow data shows sustained USD/JPY buying since NY trading on Tuesday

  • USD/JPY has risen from 137.29 to 137.93, a new 2023 high, on Thursday

  • May 137.78, March 137.90 peaks have been breached as spot climbs

  • The USD/JPY chart points to a market set to soar nL1N37F0GL

  • EUR/JPY's 30/60-day log correlations are high, both well above +0.60

  • Japan's Nikkei surged to a fresh 20-month peak nL1N37F0BV

Source:
Refinitiv IFR Research/Market Commentary

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