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Jan 15 - 08:55 PM

USD/JPY - Off With US Yields, Chance BOJ May Hike

By Haruya Ida  —  Jan 15 - 07:12 PM

• USD/JPY off yesterday, from 158.08 to as low as 155.93 EBS

• Catalyst was BOJ Ueda talk that a rate hike would be debated next week

• Tokyo still sees chance of hike less than 50-50 but weak longs stirred

• Ueda-speak similar to Himino-speak Tuesday, debate on but no action?

• Big drop in US rates post-CPI helped USD/JPY lower later

• Yield on Treasury 2s 4.373% to 4.257%, 10s off more, 4.790% to 4.637%

• US CPI post large gain but underlying inflation seen slowing?

• USD/JPY bottom again around 156.00? Asia so far 156.23-48

• USD/JPY move down likely to up demand from Japanese importers, investors

• Plenty of recent lows in area including 155.97 Dec 20, 156.02 Dec 31

Break below 155.90 would take pair out of range seen since Dec 20

• Ascending daily Ichimoku kijun 155.34, 55-DMA 154.62 below

• Option expiries today include 156.00 $625 mln, 157.00 $1 bln

• Related , , on BOJ ,

• Also , more on US CPI

• US markets , , ,

• Fed-speak , , for more click on [FXBUZ]

USD/JPY:


USD/JPY nearby option expiries into next week:


Yield on US Treasury 10s:


(Haruya Ida is a Reuters market analyst. The views expressed are his own)

Source:
London Stock Exchange Group | Thomson Reuters

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