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Dec 05 - 03:55 PM

USD/JPY - ISM Beat Rebound Looks To CPI And Fed For Sustenance

By Randolph Donney  —  Dec 05 - 01:45 PM

  • USD/JPY rallied sharply as ISM beat sent Tsy yields up and stocks down

  • Prices were already oversold after last week's post-Powell dive

  • 2023 Fed hike peak is now back up by 5%, but H2 rate cuts still priced

  • The 50% Fibo of last week's drop is at 136.75, tenkan is at 137.62

  • A close above last Wed's 139.89 high, after CPI & Fed, would be bullish

  • But L-T uptrend's reversal stands while below kijun & 100-DMA at 141.23/14

  • Fibo-projected downside targets from the 151.94 EBS peak are at 132.55/46

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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