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Jan 23 - 08:55 AM

USD/JPY - US Yields Remain A Dominant Driver Of USD/JPY, BoJ Hike Odds Climb

By Justin Mcqueen  —  Jan 23 - 06:40 AM
  • Markets raise the probability of a BoJ April hike to 58% 0#BOJWATCH

  • Governor Ueda sees increased likelihood of achieving inflation target

  • While yen initially rallied Ueda comments, US yields dictate direction

  • US 10yr yield holds support at the 200DMA (4.07%). Back up to 4.13%

  • Retest of weekly peak (4.2%) would likely lift USD/JPY above post-BoJ high

  • Firmer risk tone also keeps yen-funded carry trades in vogue

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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