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Nov 11 - 04:55 PM

USD/JPY - Post-CPI Plunge Undoes Fed-Led Uptrend, With Nearby Props Almost Gone

By Content Admin  —  Nov 11 - 01:50 PM
  • USD/JPY tumbled 5.5% in two days and is by its last nearby support

  • Fed-hike driven pandemic uptrend is being dismantled after soft US CPI

  • Fed still likely to hike by 50bp at next two meetings after four 75bp hikes

  • Michigan sentiment much weaker than forecast, inflation expectations firmer

  • Prices now below the 61.8% Fibo of the Aug-Oct rise at 138.63 on EBS

  • Last nearby toehold is the daily cloud base at 138.15

  • But the big break below 2022's up TL and nearby 100-DMA is quite bearish

  • The 38.2% of 2020-22's rise and 161.8% off Oct. 21's drop are at 132.55/46

  • Tues and Wed's PPI and retail sales report are the next major US releases

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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