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Oct 25 - 04:55 PM

USD/JPY - Tests Post-Fed Uptrend Line, Torn Between Rates And Risk

By Randolph Donney  —  Oct 25 - 02:38 PM

  • Early USD/JPY bounce brushed back by 10-DMA and tenkan resistance

  • Down with drop in Tsy-JGB yield spreads, brief dip in S&Ps

  • But 103.505 EBS low find bids by up TL from Sept. 22 Fed-day at 113.53

  • Break and close below TL, Tues at 113.72, would target 113.21 props next

  • Market lopsided with large, late IMM spec longs nL1N2RL11F

  • Weekly charts remain top-heavy with ample space for correction lower

  • BOJ Thursday, but Fed Nov. 2-3 main focus

  • Japan elections Oct. 31 eyed for new govt, fiscal policy nL1N2RL0IN

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Source:
Refinitiv IFR Research/Market Commentary

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