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Apr 24 - 04:55 PM

USD/JPY - Breaks 155 Barrier As LDP Official Dulls Intervention Risk

By Randolph Donney  —  Apr 24 - 01:45 PM
  • USD/JPY buyers took the leap of faith with a rise above 155

  • Had been fear Japan's MoF/BoJ would intervene near there

  • That after this year's 10% rise to 34-year highs prompted MoF warnings

  • Prices have now cleared 161.8% Fibos off 2023 lows by 155.20

  • A 155.20-plus close would create space for a run at 156 next

  • But a rise to 1990's 160.35 high will need more solid US data fuel

  • An LDP official noted there's no talk about intervention levels yet

  • Party executive Takao Ochi said a slide to 160, 170 may be deemed excessive

  • Bulls are happy to hang on given the attractive carry trade

  • Downside risk would have to come from U.S. data misses, faster Fed rate cuts

  • US Q1 GDP on Thur may beat f/c as Atlanta Fed GDPNow favors bigger increase

  • Bigger event risk comes from Fri's core PCE, next Fri's payrolls

  • Also have Tokyo CPI and BoJ on Friday, but no key policy news is expected

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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