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Dec 28 - 04:55 PM

USD/JPY - Right Up At Mid-Point Of Post-Fed And BoJ Meeting Collapse

By Randolph Donney  —  Dec 28 - 03:00 PM

  • USD/JPY probing 50% of 138.18-130.58 Dec. 15-20 plunge again at 134.38

  • Wed's 134.40 EBS high is by there and Dec. 14 Fed day's 134.53 EBS low

  • Grinding recovery from BoJ's YCC tweak driven dive led by Tsy yields

  • Prices now more closely trading with rising 10-year Tsy yields

  • Prices got intraday rebound on haven USD demand after China travel woes

  • Prices back above the 200-HMA (10-DMA), rising 100-HMA & hourly cloud prop

  • Rebound from O/S base faces big kijun & 200-DMA hurdles at 136.10/14

  • But a close above 134.53 needed to put them into play nL1N33I14Y

  • BoJ en route to further YCC loosening, late 2023 rate hike

  • But any yield rises may be modest vs Fed's circa 5% rate hike ceiling

For more click on FXBUZ



Source:
Refinitiv IFR Research/Market Commentary

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