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USD/JPY surge bereft of yield & stock market support, implodes

Source: Thomson Reuters


  • USD/JPY overnight surge to multi-yr high at 122.04 bereft of yield & stock market support

  • USD/JPY implodes, could test 120.40, BOJ QQE3 risk & GPIF flows to limit downside if risk aversion abates

  • USD-JPY 2-yr spreads down at Mar 5 level (USD/JPY 119.62-120.40 that day)

  • Bids 121.00-10, but 61.8% of Mar range, Mar 5 hi & Tenkan by 120.40 are key

  • Prices overbought on dailies & payoff for new high/122 breakout buyers is a loss so far

  • Market Data
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