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USD/JPY: look for well defined ranges to hold - Scotiabank

FXStreet (Guatemala) - Analysts at Scotiabank explained that the JPY is the currency least likely to do well in a pro‐risk environment (our studies show it retains a strong, negative correlation with risk assets).

Key Quotes:

"USD gains are marginal through and the relatively narrow USD/JPY range trade around 120 that has persisted since late August remains intact.

USD/JPY short‐term technicals: Trend momentum is flat and support/resistance well‐defined by the recent sideways channel between 118.80/121.30. Look for ranges to hold for now."

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EUR/JPY drops toward 136.00

EUR/JPY is falling modestly on Monday, after posting on Friday the highest close in almost a month. It printed a fresh daily low at 136.23 and currently trades at 136.35, less than 30 pips lower for the day.
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