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Feb 01 - 04:55 PM

USD/JPY - Firm US Jobs Report Is Needed To Stop The Rot

By Randolph Donney  —  Feb 01 - 01:40 PM
  • USD/JPY dive to 145.90 on EBS as Tsy-JGB ylds spreads fall further

  • Wed-Thur US labor data mostly softer than forecast pre NFP Fri

  • But comes after the sizeable rise in Dec JOLTS earlier in the week

  • Fed's Powell pushed markets away from Mar rate cut pricing

  • But futures are pricing in six rate cuts by year-end

  • 2- & 10-yr Tsy-JGB yld spreads are now by this year's lows

  • USD/JPY still above 38.2% Dec. 28-Jan. 19 rise at 145.54

  • A sub-146 close after US jobs data Fri could target 144.535 50% Fibo

  • A sub-146 close would reinforce bearish price action since Jan. 19

  • Cloud top, weekly kijun pierced at 146.095 but not yet closed below

  • Prices now below crested tenkan and 10-DMA, as Bollis expand from tights

  • Yen bid aided Thur by Soc Gen Mar BoJ rate hike call, risk-off flows

  • A solid jobs report Fri could forestall retracement, but not for long

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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