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Jun 09 - 05:55 PM

USD/JPY - Erases Last Week's Range Breakout Pre-Fed, Post-Risk-On Rodeo

By Randolph Donney  —  Jun 09 - 03:10 PM
  • USD/JPY hit by covering of short yen, risk-on trades, USD longs pre-Fed

  • Prices now below last week's 108.08 range top breakout point

  • Dollar sold on view the Fed will indicate low-for-longer rates view

  • Recent rampant risk-on trades reassessed after hitting pre-pandemic highs

  • Yen shorts caught up in that hype last week are now being reversed

  • Wednesday's cloud top at 107.28 on EBS is the next decent support

  • Broken kijun, 200-DMA and tenkan at 107.92, 108.42 and 108.45 now caps

  • 200-WMA by June's 109.85 high is more definitive w sub-107.92 weekly close

Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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