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Sep 22 - 04:55 PM

USD/JPY - Rally Derailed By BoJ Intervention, For Now

By Paul Spirgel  —  Sep 22 - 01:40 PM

Corrects headline

  • USD/JPY ending tumultuous day -1.34% at 142.19; Thurs range 145.90-140.31

  • Overnight gain to 145.90 reversed as BoJ makes good on intervention threat

  • Pair slid to 140.31 in Europe, higher into NorAm, NY range 142.53-140.35

  • Intervention, BoJ accommodation spark dollar whipsaw vs yen nL1N30T1J3

  • Key 50% Fib of 137.61-145.90 rise bruised but intact on closing basis

  • Close below opens way for test of Thurs low 140.31, 55-DMA at 139.86

  • Res 142.39 NorAm afternoon pullback high from NY low, 142.81 early NY high

  • Barring further intervention or BoJ pivot to higher rates USD likely to retest 2022 highs

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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