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Aug 29 - 04:55 PM

USD/JPY - Topping Signals Spawned By Jarring JOLTS Drop Pre-PCE And Payrolls

By Randolph Donney  —  Aug 29 - 02:45 PM
  • Early USD/JPY rise to 10-mo highs imploded by big JOLTS, confidence misses

  • Overbought and bearishly diverging RSIs vs the new price highs weighs

  • As does the 11.5bp dive in 2-yr Tsy yields and curve steepening

  • That steepening due a Nov Fed hike no longer being favored

  • And 2024 cuts of more than 1% again being priced in

  • Whether those expectations fall or rise is up to PCE & NFP Thur & Fri

  • If USD/JPY closes below its 200-HMA at 145.86 props by 145 are eyed next

  • The 38.2%, 50% Fibo's of the 138.05-147.375 rise on EBS are at 143.81/2.71

  • A post-NFP & ISM close Fri below last week's lows puts the Fibos in play

  • If rest of week's US data are firm, Fed-BoJ divergence will limit losses

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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