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Will JPY come out of the slow lane ?: What’s next according to NAB

– USD / JPY is close to the top of the range – 105.50 with the fall of shares, the cross decreases with the elimination of risk
-USD / JPY is supported by the fall of S&P in the New York session, which favors the price of “asylum” USD
-The price of 105.50 is the highest for the session since last week
-This level is reinforced by the 30-day moving average
-Currently, the USD is a slightly better refuge than the JPY
-The Fibonacci daytime cloud turned 106 on Wednesday, then widened again to fall.
-Volumes for the last month are the lowest since February and this suggests that the reversing risk hides bearish attitudes
-Last week’s low of about 50% Fibo at 105.05 and 105 were key supports.
-AUD / JPY pulls GBP / JPY down amid falling shares and Brexit talks

A study by the National Bank of Australia discusses the outlook for the USD / JPY and maintains a bearish bias in the medium term. Japan’s economic recovery remains stuck in a “slow lane.” Deflationary pressure adds to the bank’s expectations for USD / JPY. The Tankan survey, published in early October, also supported the view of a slow economic recovery in Japan and a low USD / JPY next year of around 100 yen to 105 yen in 2021.

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Chart: Used with permission from Bloomberg Finance L.P.

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 Junior Trader Kameliya Ivanova


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