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Apr 21 - 07:55 AM

USD/JPY - Could Take Another Leg Higher As Japan Flags Rapid Fall

By Martin Miller  —  Apr 21 - 06:10 AM
  • Japan flags yen's 'somewhat rapid' falls to G7 nL3N2WJ0N9

  • FX traders don't be fooled by dollar's pause vs yen nL2N2WJ0HV

  • USD's path higher vs yen was blocked by 129.50 offers on Wed nL2N2WI0I4

  • Traders subsequently took spot under down to 127.47 later in the session

  • Spot has since recovered from 127.83 to 128.64 on Thurs, according to EBS

  • There is talk Japanese importers and banks were major USD/JPY buyers in Asia

  • USD/JPY's 30/60-day log correlations with EUR/JPY are above +0.50

  • The two currency pairs close in the same direction more often than not

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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