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May 12 - 10:55 PM

USD/JPY - Bargain Hunting In Yen Crosses As Stocks Rise

By Andrew M Spencer  —  May 12 - 09:15 PM

  • After falling 1.3% overnight, USD/JPY is up 0.4% in Asia with Nikkei +2%

  • Broad based investor caution on global growth and inflation weighed

  • Yen crosses have also bounced, EUR/JPY fell 2.56% and is up 0.4%

  • AUD/JPY fell 2.5% and has bounced 0.7% in early Tokyo with E-mini S&P +0.6%

  • The USD dip stalled at the pivotal Kijun line which today comes in at 127.50

  • Close below the Kijun would be a strong bearish signal for next week

  • Earlier 128.30 low and 129.44 Tenkan line are initial support, resistance

For more click on FXBUZ


jpy May 13 Click here

Source:
Refinitiv IFR Research/Market Commentary

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