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Aug 14 - 05:55 AM

USD/JPY - A Crazily High DJI Should Result In A Big USD/JPY Rally

By Jeremy Boulton  —  Aug 14 - 03:40 AM
  • Amidst a crisis the DJI is rallying and record highs beckon

  • DJI has far surpassed 76.4% drop from the record peak

  • A return to the record peak and 30k test look likely

  • The worse things get, the greater the stimulus, bigger the stock rally

  • Historically USD/JPY is positively correlated with DJI

  • Traders are short USD/JPY (safe haven bets) which look vulnerable

  • USD/JPY lagging DJI. 61.8% 2020 USD/JPY drop is 108, 76.4% 109.62

  • 112.23 is Feb 2020 high. If DJI makes 30k a 112 target is achievable




USD/JPY Click here

USD/JPY Click here

Source:
Refinitiv IFR Research/Market Commentary

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