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Jan 07 - 05:00 AM
USD/JPY - Downside Fears Recede, Technicals Point To Gains
First appeared on eFXplus on Jan 07 - 02:45 AM
  • Good Japanese demand at Tokyo fix Tuesday, bids sub 108

  • Recall Japanese names were good buyers below 108 on Monday

  • USD/JPY's candle long tails warning of a downside rejection nL1N29C03V

  • Downside option protection costs marked meaningfully lower nL1N29C046

  • USD/JPY has traded a 108.27-108.51 range, according to EBS prices

  • While there are said to be offers above 108.51, nothing in decent size

  • EUR/JPY's correlation with USD/JPY high, 30/60-day logs are +0.60/+0.59

Daily Ichimoku Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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