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May 11 - 05:55 AM
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USD/JPY's Downside Risk Receding Despite Intervention Risks
By Martin Miller — May 11 - 03:21 AM
• USD/JPY has seen a 156.48-157.17 EBS range on Monday. It remains stuck within the daily cloud
• Spot failed to close under the cloud, which spans 156.29-158.68, repeatedly in recent trading sessions
• Japan's intervention success will likely be fleeting, those repeated failures underpin USD/JPY
• USD/JPY and yen crosses are better bid but intervention watch continues
• Japan bets on Washington, BOJ for extra punch in yen battle
• 30-day log correlation between USD/JPY and EUR/JPY is
above +0.5 (pairs moving in tandem)
Daily Chart
Correlation Chart
(Martin Miller is a Reuters market analyst. The views expressed
are his own)
Source:
London Stock Exchange Group | Thomson Reuters