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Mar 15 - 08:36 PM

USD/JPY - Heavy As E-Mini S&P Futures Slump After Fed Actions

By Andrew M Spencer  —  Mar 15 - 06:40 PM
  • -1.9%, after a surprise Fed rate cut - coronavirus expands nL1N2B806D

  • Cut accompanied by co-ordinated CB action to smooth USD funding

  • US markets not impressed - E-mini S&P -4.8%, as uncertainty dominates

  • Fed action has initially spooked, rather than soothed virus fears

  • All eyes on the Nikkei and potential Japanese gov't response nL4N2B65FM

  • Charts are neutral - 5, 10 & 21 DMAs conflict at familiar levels

  • 107.54 earlier high, then NY 108.50 top Friday first resistance

  • 105.72/73 5 & 10 DMAs then Friday's 104.51 low initial support

jpy mar 16 Click here

Source:
Refinitiv IFR Research/Market Commentary

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