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USD/JPY could challenge 107.00 – OCBC Bank

FXStreet (Edinburgh) - FX Strategist Emmanuel Ng at OCBC Bank suggested USD/JPY could slip back to test the 107.00 support in the near term.

Key Quotes

“Expect the pair to remain under pressure from the opposing forces of Fed rhetoric and risk aversion in the near term”.

“On the CFTC front however, note that net leveraged JPY shorts were pared slightly, and this may persist if risk aversion deepens in the coming sessions”.

“With Fed language now increasingly acknowledging external risks to growth and inflation and the JPY getting a boost from risk aversion, we’d prefer to stay heavy in the near term with the 107.00 floor likely under threat ahead of the Fibo retracement level around 106.80 and another interim support at 106.60”.

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