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Nov 25 - 07:55 AM

USD/JPY - Recovery Falters, FX Traders Continue To Exit

By Martin Miller  —  Nov 25 - 05:50 AM
  • USD/JPY has risen from 138.38 in Asia to 139.53 in London, on Friday

  • Thursday's high at 139.60 is still intact, limits spot's recovery attempts

  • Daily chart remains bearish as the week draws to a close nL1N32L0EJ

  • FX traders have sold USD/JPY for most of this week EBS flow data shows

  • An eventual drop under November's 137.67 low is quite likely eventually

  • Market talk of decent bidding interest circa 138.00, this could slow losses

  • USD/JPY, EUR/JPY 30-day log correlation above +0.50 = positive relationship

  • Japan data underscores broadening inflationary pressure nL1N32L01L

Source:
Refinitiv IFR Research/Market Commentary

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