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Aug 11 - 04:55 PM

USD/JPY - Bulls On Brink Of New 2023 Highs, Eye MoF Pushback, Next US Data

By Randolph Donney  —  Aug 11 - 02:05 PM
  • USD/JPY is right up against pivotal 145 by 2023's 145.07 peak on EBS

  • Japan on holiday Friday, but Tsy ylds sharply higher prop up prices

  • US CPI, PPI an Mich data not overtly inflationary, but ylds soar

  • Traders put off by risk MoF or BoJ might defend yen above 145

  • Bulls may want to see Japan Q2 GDP, Tues's US retail sales before breakout

  • A close above June's high could target 76.4% of 2022-23 drop at 146.10

  • Market will be watching for any reaction by MoF, BoJ other officials

  • If there's no pushback against yen's slide, rally should extend

  • Actual FX intervention looks unlikely near current levels

  • Options mkt not pricing in near-term reversal of USD/JPY uptrend

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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