By Randolph Donney — May 09 - 02:35 PM
USD/JPY eked out a minor new 20-year high before a drop toward Fri's lows
Drop in short-term Treasury yields and haven yen bid on crosses weighed
Fed's Bostic eyes 2-3 50bp rate hike view, supply chain hope nS0N2UR06Y
USD/JPY's daily on-close pivot pt is Fri's 130.10 low on EBS nL2N2X11ID
And weekly Bollis bearishly contract for 1st time since start of March
Early in the week, though, with focus on Fed path post-CPI on Wednesday
The 2- and 10-yr Tsy yields now near 2018's prior Fed hike cycle highs
Fed funds peaked in 2018-19 at 2.5% & are priced to peak in 2023 above 3%
Overbought USD/JPY uptrend's weekly on-close pivot pt is at 128.62
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Source:
Refinitiv IFR Research/Market Commentary