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USD/JPY: strong move on the cards? – BBH

FXStreet (Edinburgh) - The research team at BBH has assessed the recent consolidative pattern in USD/JPY.

Key Quotes

“The dollar recorded its highs against the yen four months ago near JPY125.40”.

“On August 24, it crashed to around JPY116.20 and has been in a new range since between JPY118.60 and JPY121.60”.

“The implied volatility (three-month) fell below 9.2% before the weekend, the lowest level in two months. While we suspect the coil may continue in the near-term, it is setting the stage for a potentially powerful move”.

“Nevertheless, our analysis leads us to conclude that this is a market correction, not a reversal of the underlying trends”.

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