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May 14 - 04:55 PM

USD/JPY - Stalled, Both Havens Sold As Inflation Fears Ebb After Sales Data

By Randolph Donney  —  May 14 - 02:56 PM
  • USD/JPY off marginally as U.S. data dim inflation fears nL1N2N11KS

  • Post-CPI rally wavering with Treasury-JGB yield spreads since Wed

  • USD and JPY haven/funding currencies both sold vs high-betas Friday

  • USD/JPY's 109.18-655 range on EBS is back below the cloud top

  • But also still above Mon-Tues highs and the tenkan straddling 109

  • Uptrend intact unless up TL from Jan at 108.81 is closed below

  • Topside rejections this week by upper 21-day Bolli favor mean reversion

  • Moderate vols also not showing much concern about major moves

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Source:
Refinitiv IFR Research/Market Commentary

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