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Jul 22 - 04:55 PM

USD/JPY - Erases Tuesday's Tumble As Risk Takes A Turn In Bulls' Favor

By Randolph Donney  —  Jul 22 - 02:50 PM
  • USD/JPY retraces Tuesday's dollar-led tumble after holding June lows

  • Prices back above short-term moving averages, but 107.57 hurdles loom

  • Monday's 107.57 EBS high & 61.8% of July downtrend being eyed again

  • Also have the 100-DMA at 107.53 as an on-close pivot point

  • Weekly kijun & tenkan at 106.70/7.96 are weekly on-close pivot points

  • Pair's correlation to stocks, rate spreads iffy, but mostly negative

  • EUR/JPY and AUD/JPY are by post-pandemic peaks

  • Japan on holiday Thursday and Friday. US claims, PMIs next data events

  • US-China news more important, but pandemic & mitigation efforts still key

For more click on FXBUZ


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Source:
Refinitiv IFR Research/Market Commentary

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