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May 29 - 08:36 AM

USD/JPY - Continuing Claims Drop Keeps USD/JPY Close To Key 108.08 Range Top

By Randolph Donney  —  May 28 - 09:00 AM
  • Unexpected drop in continuing claims nAPN0E2KE1 bolsters USD/JPY

  • Treasury yields a couple bps higher, helped by durable goods beat

  • Pair in tight range below repeated highs, 61.8% Fibo at 108.085 EBS

  • Q1 GDP revised down -5% nAPN0E2KJL, but core durables beat nAQN02LBIL

  • Little reaction to rising China-U.S. tensions, Hong Kong nL4N2DA0NH

  • Risk trades generally consolidating after big gains ahead of month-end

  • USD/JPY bulls hope 108.085 tops, 38.2% & 200-DMA at 108.17/32 are cleared

  • Glacial uptrend unable to close below tenkan, now 107.57, since May 8

  • 30-DMA at 107.25 is likely guarding trend follower sell stops

Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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