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May 01 - 05:55 PM

USD/JPY - Post Fed Drop Bought, 158 Break, 160 Retest Await US Jobs Data

By Randolph Donney  —  May 01 - 03:35 PM
  • Some US bulls disppointed Fed Chair Powell didn't note rate hike risk

  • USD/JPY fell to 157 where dip-buyers were waiting for a discount

  • Initial dollar selling on Fed statement and Powell were overreactions

  • Fed just confirmed progress on inflation stalled, but rates are restrictive

  • Wed's earlier 157.99 high by 158 was also by 61.8% of Monday's plunge

  • With threat of Japan yen intervention, run at 160+ may wait for top US data

  • Friday's jobs and ISM non-manufacturing reports are now the focus

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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