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Oct 20 - 04:55 PM

USD/JPY - Bulls Unrewarded By Breach Of 2018 High, Pullback In Play

By Randolph Donney  —  Oct 20 - 03:07 PM
  • Early rally past 2018's 114.55 high was reversed at 114.695

  • That high shy of the Nov 2017 peak at 114.735, big 115 barriers

  • Prices o/b on dailies and weeklies, due for at least a decent dip

  • Oct's 110.82-114.695 EBS rise completes its Fibo objective

  • 23.6% and 38.2% Fibos of Oct's rise are at 113.78/21

  • Both Fibos are by recent daily highs and lows, look attractive

  • Short-term Treasury-JGB yields spreads pulling back is a drag

  • Japan govt is jaw boning against yen drop, specs already short

  • Real 2-yr Tsy ylds now near most negative since 1980 nadir nL1N2RG1FR

  • Real 2-yr JGB yields still positive, could limit USD/JPY gains

For more click on FXBUZ

Chart Click here

Refinitiv IFR Research/Market Commentary


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