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May 13 - 07:55 AM

USD/JPY - Stuck Under Tech Supply, BOJ Sends A Hawkish Signal

By Martin Miller  —  May 13 - 06:00 AM
  • FX traders have space to take dollar higher nL1N3HF0F8

  • But USD/JPY hovering below a key Fibo, bulls need a break above nL1N3HG0DL

  • 156.05 Fibo, 50% of the 160.24 to 151.86 2024 (EBS) drop weighs

  • Spot has seen a 155.50-96 range on Monday, EBS data shows

  • BOJ cuts JGB purchase amount in hawkish signal to market nL1N3HG01D

  • Huge differential between Fed and BOJ continues to underpin spot

  • Euro usually makes gains against the yen in May nL1N3HA131

Source:
Refinitiv IFR Research/Market Commentary

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