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Jun 14 - 07:55 AM

USD/JPY - REFILE-BUZZ-BOJ's Actions, Not Words, Are Key For USD/JPY Direction

By Martin Miller  —  Jun 14 - 05:45 AM

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  • BOJ ramps up bond buying to defend yield cap nL1N2Y1028

  • Its resolve for low interest rates keep yen in downtrend despite jawboning

  • USD/JPY peaked at its highest level since 1998 on Mon, when spot hit 135.22

  • Though the fall in global equities, rise in risk aversion, saw a relapse

  • Mkt still stretched nr-term, but expect bigger gains eventually nL1N2Y10GH

  • Downside likely limited, given Japanese importer and others solid demand

  • USD/JPY has seen a 133.88-134.82 range on Tues, according to EBS price data

  • EUR/JPY's 30/60-day long correlations with USD/JPY remain well above +0.50

  • The two currency pairs close in the same direction more often than not

Daily Chart: Click here

Refinitiv IFR Research/Market Commentary


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