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Aug 02 - 07:55 AM

USD/JPY - Mood Surrounding USD/JPY Darkens, Expect An Even Bigger Drop

By Martin Miller  —  Aug 02 - 06:00 AM
  • Risk-off mood hits European shares; Sino-U.S. tensions weigh nL4N2ZE1UQ

  • When risk aversion climbs, funds usually flow into the safe-haven yen

  • Japanese finance minister frets about 'hectic' yen swings nL1N2ZE03M

  • Yen set for biggest run of gains in more than 2 years nL4N2ZE1ZY

  • It's August: dollar usually suffers against yen nL1N2ZD1SY

  • USD/JPY has dropped from 131.88 to 130.40, on Tuesday, according to EBS

  • It trades under cloud base, now at 131.48, 1st time since Feb: very bearish

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

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

Source:
Refinitiv IFR Research/Market Commentary

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