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Aug 23 - 04:55 PM

USD/JPY - Uptrend Reversing As Diverging US, Japan PMIs Slam Treasury Yields

By Randolph Donney  —  Aug 23 - 02:40 PM
  • USD/JPY fell 0.75% on Japan's PMI beat and US's PMI big miss

  • Haven dollar also lost more from risk-on response to tumbling yields

  • Slide took out tenkan support at 145.48 and last week's 144.65 lows

  • If 144.65 is closed below after Chair Powell's speech Fri, watch out below

  • Prices were already working off last week's overbought pressures

  • Now have Bolli bands compressing in trend-ending fashion

  • Not much support until 144.00. Rising 21-DMA will be by there on Thurs

  • Any hint from Powell the Fed is tightening cycle has peaked is a sell

  • Two-yr Tsy-JGB yld spreads fell 7bp, but remain above Fri's low

  • However, 10-yr yld spreads fell to their lowest since Aug. 11

  • PMI isn't a game-changer, but US inflation is most of way to Fed target

  • If 144 gives way, the kijun, last at 142.31 on EBS, looks pivotal

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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