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Jan 18 - 07:55 AM

USD/JPY's Downside Risk Grows After BOJ Refuses To Alter Course

By Martin Miller  —  Jan 18 - 06:10 AM
  • Yen slid after BOJ stuck to a ultra-easy policy nL1N3430KO

  • USD/JPY rose from 128.16 to peak at 131.58 on the EBS in Asia

  • However the big recovery ran out of steam, chart bearish nL1N3430IG

  • BOJ disappointment does not change USD/JPY's trajectory nL1N3430NU

  • A nasty top has been left on Wednesday's price action

  • EUR/JPY's correlation with USD/JPY high, 30/60-day logs are well above +0.5

  • The two currency pairs are moving in tandem

Source:
Refinitiv IFR Research/Market Commentary

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