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Sep 21 - 04:55 PM

USD/JPY - Remains Near Month's Lows As Haven Yen Risk Hedges Persist

By Randolph Donney  —  Sep 21 - 02:50 PM
  • USD/JPY broke Monday's risk-off lows, nearing Sept's 109.11 nadir

  • Haven yen still in demand as a hedge against more stocks selling

  • 109.115 was also the mid-August swing low, bids circa 109 since July

  • Prices lingering close to range lows with shallower rebounds in Sep

  • Closes below 109 and Aug's 108.725 swing low on EBS are sell signals

  • 10-week Bolli band and ATR projected base are also at 108.84/87

  • Post-Fed price action probably more telling re range breakouts

  • Large, but shrinking spec longs likely weighing on prices

  • BOJ unlikely to make meaningful policy changes, YCC to persist

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Source:
Refinitiv IFR Research/Market Commentary

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