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May 04 - 01:55 PM

USD/JPY - Consolidation Favors Longs But Downside Risks Are Present

By Christopher Romano  —  May 04 - 12:20 PM
  • USD/JPY consolidation of gain from the Apr 27 low persist, is a bull signal

  • Daily, monthly RSIs overbought however, unwind needed, implies downside risk

  • Broader up trend remain intact and dip buyers likely lurk but Fed risk looms

  • If Fed not as hawkish as expected USD/JPY may see a big correction lower

  • Support near 127.00 if key, if breaks shorts may target below 122.00

  • For more click on FXBUZ



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Source:
Refinitiv IFR Research/Market Commentary

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