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Oct 26 - 04:55 PM

USD/JPY - New 2023 Highs, But US Data Response, MoF Risk Dim 2022 High Hopes

By Randolph Donney  —  Oct 26 - 02:40 PM
  • New 2023 USD/JPY high early at 150.78, then quick dip to 149.845 low on EBS

  • Drop in Tsy ylds on fairly bullish US data having limited affect on prices

  • Despite 2-yr Tsy-JGB ylds spreads dn 9bp and near Oct's lows

  • Thur's highs are by upper ATR and 30-day Bolli tops

  • Support's lined up from rising tenkan, 30-DMA & kijun, now at 149.76/15/04

  • Longs looking for a run at 2022's 32-yr peak at 151.94

  • But wary MoF may intervene to defend against multi-decade yen lows

  • USD/JPY's gained 10% from July lows with help of spec buyers MoF eyes

  • Big 150 expiries on Fri, but S-T vols rising into BOJ & Fed next week

  • And risk/reversals also less biased toward USD/JPY puts

  • O/B top with MoF assist the risk if 2022 peak proves daunting

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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