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May 16 - 05:55 PM

USD/JPY - Rebound To Wednesday's Plunge Point, But April Top A High Hurdle

By Randolph Donney  —  May 16 - 02:10 PM
  • USD/JPY rose 0.24% after being down 1.3% earlier on Thur

  • Recovery began with weak Japan GDP dimming BoJ rate hike threat

  • Prices then helped by surprise surge in US import prices

  • That despite big dollar gains in April, 6.3% in USD/JPY

  • Thur's 153.60 low was caught by the daily ATR-projected low

  • Wed's pre-weak US data dive 155.58 lows are now resistance

  • That's also 61.8% of the 156.80-153.60 Tues-Thur slide

  • And by the converging 55- & 200-HMAs and hourly cloud base

  • Fed speakers sticking to high-for-longer script stabilizes Tsy ylds

  • But there isn't much on the US data calendar until late in the month

  • Without fuel for Tsy-JGB ylds spread rebound, upside will be tougher

  • Carry traders still buying dips, but May's 157.99 high is a stretch

  • This week's high came up shy of 61.8% of 160.245-151.86 dive at 157.04

  • The longer-term uptrend remains intact while above prior peaks by 152

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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