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Jan 13 - 04:55 PM

USD/JPY - BoJ-Fed Policy Convergence-Led Plunge Eyes Key Props Pre-BoJ Wednesday

By Randolph Donney  —  Jan 13 - 02:40 PM

  • USD/JPY tumbled to lowest since May as BoJ policy shift seen nL1N33Y1AK

  • BoJ's new 0.5% 10-yr JGB yield cap was closed above on Friday

  • Market now expects at least another 25bp cap rise from Jan 17-18 BoJ

  • BoJ's last cap rise was said to fix mkt dislocations, but they've worsened

  • The 8-yr JGB yield surged to 0.65%, well past 10-yr's @0.521% close

  • Fri's 127.46 low on EBS is closing the gap on major supports at 126.56/37

  • Those are 50% of the pandemic rally and last May's major low

  • Prices also nearing qrtly tenkan, kijun & 2015's 8-yr peak @127.26/6.55/5.85

  • Bounce in Treasury yields and USD IDX low at 50% of pandemic rise cushion

  • Focus is now on what exactly the BoJ does with YCC Mon and after Wed's BOJ

  • And what comes from Japan's fiscal-monetary policy panel on Mon nL4N33Y0MH

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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