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Mar 29 - 04:55 PM

USD/JPY - Corrects Lower, But Still Above Extreme Uptrend's Support Line

By Randolph Donney  —  Mar 29 - 02:45 PM

  • USD/JPY 0.9% drop its biggest since Nov. 26, but still best month since 2016

  • Tuesday's slide marked the 1st lower high & low since March 4th

  • But the 121.975 EBS low barely breached Mon's 122 low, held March up TL

  • Uptrend's intact unless tenkan and up TL at 121.74/77 are closed below

  • The up TL rises to 122.24 Wed and to 123.18 on NFP Friday

  • Risk/reward for most O/B prices since 2001 dimmer w 2015's 13-yr hi nearby

  • A close above 2015's 125.86 peak needs further Tsy-JGB yield spread rise

  • BOJ QE to keep 10-yr JGB yield below 25bp cap is only half the battle

  • Tiny 2-10yr Tsy yield curve inversion, 8.6bp 10-yr yields fall weighed

  • Faster Fed hikes well priced into front of yld curve, more data dependent

For more click on FXBUZ

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Refinitiv IFR Research/Market Commentary


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