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May 24 - 04:55 PM

USD/JPY - Tucked Below Resistance At 109 Amid Heavy Treasury Yields

By Randolph Donney  —  May 24 - 02:47 PM
  • Just a 108.70-995 USD/JPY range on EBS to start the week

  • Down 0.16% after offers by Friday's high and 21-DMA capped prices

  • 10-year Treasury-JGB yield spreads down 8.3bps from Wed's close

  • BOJ Gov Kuroda not sounding sanguine about pandemic recovery nL2N2NB0PI

  • Fed still hoping inflation rise, bottlenecks will prove transitory

  • Still no pricing in of Fed rate hikes until late 2022

  • Week's biggest expiries are at 108 and 110, S-T vols drifting lower

  • Big rise in IMM net spec USD/JPY longs. May's 108.34-9.785 range key

  • Bears have the edge while below broken up TL from Jan, Tuesday at 109.21

For more click on FXBUZ

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Refinitiv IFR Research/Market Commentary


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