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Nov 22 - 04:55 PM

USD/JPY - Up By 115 Breakout Point On Powell Pick, Fed Hike Pricing

By Randolph Donney  —  Nov 22 - 02:03 PM

  • USD/JPY soared toward 114.975 pandemic peak on EBS Monday nL1N2SD1O0

  • Powell picked for second term as Fed President lifted Tsy yields

  • Comes after other Fed members last week called for quicker taper

  • First Fed rate hikes now priced in May-June, rather than July-Sept

  • 115 options well defended last week, but rebound was strong from key props

  • Close above 115 & 5-yr Tsy ylds above key 1.30% hurdle would be very bullish

  • Yen an easy target for shorting due to BOJ's YCC, weak GDP, no inflation

  • A clear 115 breakout would target 118.55/66 Fibo target & Dec 2016 peak

For more click on FXBUZ


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Source:
Refinitiv IFR Research/Market Commentary

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