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May 12 - 04:55 PM

USD/JPY - Yen's Most-Favored-Haven Status, Steady JGB Yields Slam USD/JPY And Crosses

By Randolph Donney  —  May 12 - 02:55 PM

  • Thur's scramble for safety amid hard landing concerns affirms USD/JPY sells

  • Dive to 127.535 so far holds weekly ATR prop, daily kijun at 127.41 on EBS

  • Much bigger haven yen gains vs EUR, AUD & GBP as USD also sought for safety

  • First daily on-close sell signal since Mar 4 was confirmed with Wed's close

  • And the up TL from the Mar 31 low, also by 130, was broken well below

  • Dive in Treasury yields not followed by JGBs due to BOJ YCC, adds weight

  • Key supports are by 127 and 125 should derisking persist nL2N2X41RT

  • Last week's 128.62 low is Friday's key weekly-on-close pivot point

  • Widest 10-wk BB spreads since 2016 are contracting for 1st time since March

  • Points to at least drop to 10-WMA by 125 as overdue correction ensues

    For more click on FXBUZ

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Refinitiv IFR Research/Market Commentary


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