Friday, October 16, 2026

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USD/JPY sees scope on the downside

Possibility stays on the downside, 119.50 Japanese bids are filled Hourly close below the 119.48 pivot point, risk seen at 119.00 with clustered sell stops Daily close below 119.68 - 38.2% retrace of 115.85-122.04 - will…

By Ian Preston
1 min read
USD/JPY sees scope on the downside
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  • Possibility stays on the downside, 119.50 Japanese bids are filled

  • Hourly close below the 119.48 pivot point, risk seen at 119.00 with clustered sell stops

  • Daily close below 119.68 - 38.2% retrace of 115.85-122.04 - will dampen

  • Narrowing 5year UST/JGB yield spread; 30-day log correlation +0.70 with spot

 

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