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Free AccessUSDJPY has stabilised after the early....>
DOLLAR-YEN: USDJPY has stabilised after the early risk off flow to last trade 10
pips or so softer at 107.20.
- There was talk of existing leveraged shorts covering their positions under
107.10, with a view of looking to re-sell at 107.40 (which we crossed back
above), while larger bids from Tokyo based funds are said to lie under 106.90.
- The moderation in the risk off flow was perhaps a result of the sanctions only
representing outlines as opposed to anything solid being implemented.
- Support emerging in USDJPY allowed the pair to close above the 55-DMA
(107.28), the first close above this MA since early Jan. Bulls now focus on the
low from Feb 9 (108.03), although daily studies are approaching overbought
levels. Bears now look for a close below 107.15, before targeting a move to
106.69.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.