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Oct 24 - 03:55 PM

USD/JPY - Uptrend Stalled By 150 Is Running Out Of Room For Pullbacks

By Randolph Donney  —  Oct 24 - 02:35 PM
  • USD/JPY daily ranges are being squeezed ever closer to 2023's 150.165 peak

  • Tues's 149.32 low neared the up TL from Sep & Oct spike lows at 149.25

  • Today's rebound has stalled just below the pivotal 150 level

  • New 2023 highs would face upper 30-day Bolli now at 150.58, 151 offers

  • Up TL from Sep-Oct lows and kijun at 148.73 are key on-close supports

  • Earlier rebound in Tsy ylds boosted, with US PMI beating, Japan's missing

  • Though 2-yr Tsy-JGB yld spreads at 5% are bullish, they're 13bp off Oct peak

  • Japan PM Kishida eyes CCY stability, said BoJ needs to work closely w govt

  • That as govt works on extra budget and BoJ buys JGBs to cap yields

  • Talk BoJ will expand or exit YCC @Oct. 31 meeting, but latter seems unlikely

  • Key US data on Thursday and Friday should set the tone into month-end

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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