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Sep 23 - 06:55 AM

USD/JPY - FX Traders Have Been Selling USD/JPY All Week So Far

By Martin Miller  —  Sep 23 - 04:44 AM
  • FX traders have been selling USD/JPY all week, according to EBS flow data

  • As spot has been rising since Wed, sales are evidence of profit-taking

  • USD/JPY has seen a 109.78-109.99 range on Thursday, according to EBS prices

  • Daily cloud, that spans 109.86-110.19 region, will likely cap recovery moves

  • USD/JPY, EUR/JPY 30/60-day log correlations are both above +0.50

  • Meaning the two FX pairs perform daily closes in the same direction a lot

EBS Flow Data Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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