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Apr 08 - 04:55 PM

USD/JPY - Has 2022, 2015 And 2002 Highs In Its Sights Via Fed-BOJ Disparity

By Randolph Donney  —  Apr 08 - 02:35 PM

  • USD/JPY rallied almost to 2022's 125.10 EBS pandemic peak

  • That high and 2015's 19-yr peak at 125.86 remain in the frame

  • Prices quite O/B, specs heavily long, so 125.86 is pivotal nL2N2W61BB

  • Move powered by soaring Tsy-JGB yields on Fed-BOJ policy divergence

  • Tues and Thur's US CPI and retail sales next inputs for Fed hawks

  • CPI overall & core f/c at 8.3% and 6.6% y/y vs 7.9% and 6.4% last

  • Market's pricing in another 120 bps of Fed hikes by year-end

  • BOJ policy rate stuck at -0.1%, YCC being reinforced

  • USD/JPY downtrend from 1971 float being reversed, 125.86 next pivot

For more click on FXBUZ


Chart Click here

Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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