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Apr 07 - 07:55 AM

USD/JPY - Traders Seem To Be Building USD/JPY Base Above Previous Supply

By Martin Miller  —  Apr 07 - 05:42 AM
  • FX traders can insure against a USD/JPY revival nL1N2LT0SV

  • Chart shows bulls have the upper hand despite big setback nL1N2M00AQ

  • USD/JPY setback this week has remained about previous 109.56 Fibo resistance

  • 109.56 Fibo is 76.4% of the 111.71 to 102.60 (Mar 2020 to Jan 2021) drop

  • USD/JPY has seen a 109.58-109.94 range on Wednesday, according to EBS data

  • Huge build up of 109.97-110.00 NY cut expiries worth USD 2.4bn could draw

  • Talk of offers circa the 110 psychological level that could cap near-term

  • USD/JPY, EUR/JPY 30-day log correlation remains under +0.5

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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