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Mar 29 - 01:55 PM

USD/JPY - Uptrend Remains Thwarted After PCE, Fed Chair Talk, Key Data Ahead

By Randolph Donney  —  Mar 29 - 12:05 PM
  • USD/JPY slipped toward 10-DMA and 6-day range lows at 151.13/00 on Fri

  • Core & super-core PCEs, spending beat & income miss was a minor USD drag

  • But prices so far hold above the nearby supports at 151.13/00

  • Japanese data further dims prospects of another BoJ rate hike soon

  • Which could mean yen defense will fall to MoF/BoJ FX intervention

  • Fed Chair Powell saw PCE data as "along the lines" of what Fed wants

  • He remains noncommittal on rate cut timing, very data dependent

  • Not enough to get USD/JPY out of its 8-day range just below 152

  • As well as a third straight year with sub-152 peaks, March's a 34-yr high

  • Focus shifts to next week's ISMs and employment reports

  • Further Japanese verbal intervention may cap, but not crumble spec longs

  • Would need dovish US data to make intervention more effective

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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