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Dec 01 - 04:55 PM

USD/JPY - Yen's Haven Status Trapped Dollar Longs, Omicron Weigh

By Randolph Donney  —  Dec 01 - 02:37 PM

  • Haven and funding currency yen bought broadly despite early risk-on

  • USD/JPY back below 38.2% Fibo, 55-DMA and cloud top at 112.93-98

  • Close above needed to stave of more unwinding of longs

  • Late stocks drop likely tied to first Omicron case in the US

  • USD/JPY also weighed down as L-T Tsy yields led a broader pullback

  • Fed's faster taper plans put May-June on the Fed rate hike map again

  • But big bear curve flattening hints hiking cycle already priced nL1N2SM20J

  • 2021's huge 12.6% USD/JPY rise, biggest spec long since Dec 2018 eyed

  • Close below 38.2% of Aug-Nov rise at 112.92 targets 50% at 112.125 on EBS

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Source:
Refinitiv IFR Research/Market Commentary

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