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May 19 - 04:55 PM

USD/JPY - Big Risk And Fed Whipsaw Averts Sell Signals, Brings A Buy Instead

By Randolph Donney  —  May 19 - 03:02 PM
  • USD/JPY sold to 6-day low of 108.575 on EBS in early risk-off move

  • But then up to new session highs and a pending bullish engulfing candle

  • FOMC minutes added to rebound in Treasury yields, squeezing USD/JPY shorts

  • Minutes hint at greater concern re inflation than thought nL2N2N62UE

  • Close above Tuesday's 109.28 high would mark a bullish engulfing pattern

  • Need a close above May's high or April's low at 109.785/8.34 for a breakout

  • Bulls also again fended off a close below the up TL from Jan at 108.94

  • Yen still up on the day vs other non-haven currencies, so Tsy yields are key

  • BOJ talking about extending pandemic aid, so no chance of JGB yields rise

For more click on FXBUZ

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Refinitiv IFR Research/Market Commentary


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