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Jun 08 - 07:55 AM

USD/JPY - FX Traders Need To Push USD/JPY Through 110 To Stimulate Demand

By Martin Miller  —  Jun 08 - 05:40 AM
  • Option barriers said to be at 110, with a cluster of buy stops above

  • Dollar bullish versus yen despite the falling short position nL1N2DK08V

  • USD/JPY bulls eye a major Fibo well above 110 at 110.36 nL1N2DL09L

  • Japan stocks hit a 3-1/2-month high on U.S. data boost nL4N2DL185

  • However USD/JPY dropped from 109.77 top 109.37 on the EBS in Asia

  • Recall USD/JPY already received its boost on Friday when it reached 109.85

  • EUR/JPY 60-day log correlation with USD/JPY breaking down, sub +0.50

  • EUR/USD chart is bullish with risk for a near-term setback nL1N2DL0C7

Bollinger Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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