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Feb 01 - 04:55 PM

USD/JPY - Breaks Range Base After US Data, Fed Nods To Inflation Fight Progress

By Randolph Donney  —  Feb 01 - 02:55 PM

  • USD/JPY broke its 8-day range base at 129.02 in broader USD breakdown

  • Brief bounce on Fed hike/statement nL1N34G1YU but dives on Powell

  • Off earlier on poor US Jan data, though bad weather seen playing a role

  • JOLTS jump gave Fed hawks purchase, but rates and yields down on presser

  • A sub-129 close would weaken the recent rebound within the downtrend

  • Jan's 127.215 trend low is by two 50% Fibos of pandemic rally @127.27/6.56

  • Below them is last May's major low at 126.37 on EBS nL1N34H1RD

  • Yen demand on expected eventual BoJ normalization persists nL1N34H09D

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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