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May 04 - 04:55 PM

USD/JPY - Settling Near Session Lows After Post-Fed 50Bp Hike Whipsaw

By Paul Spirgel  —  May 04 - 02:50 PM

  • USD/JPY rallies post-Fed 50bp hike, ending NorAm -0.1% at 130.00

  • Pair whipsaws 129.71-130.38 as Fed ramps up inflation fight

  • Powell: Inflation much too high; Fed hikes 50bp, BS paring begins June 1

  • Economic demand strong, labor tight, supply issues persist nW1N2UD01P

  • Eikon's FEDWATCH indicates +50bp at upcoming meetings; end Dec at 2.95%

  • BoJ highly accommodative, diverging US-JY rate view favors USD strength

  • $JPY remains anchored b/w 10-DMA and upper 21-d Bolli (129.17-131.70)

  • Res Apr 29's 130.95 high, 2022 high Apr 28 at 131.25, upper 21d Bolli 131.70

  • Supt May 2 low 129.62, 10-DMA 129.17, Apr 26-27 double bottom by 127

  • Post-Fed traders focus shifts to US NFP Friday, RTRS consensus +394k

For more click on FXBUZ


JPY Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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