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Aug 02 - 04:55 PM

USD/JPY - Chops Back Toward July's Key Low On Treasury Yield Drop, Risk Dip

By Randolph Donney  —  Aug 02 - 01:57 PM
  • USD/JPY broke cloud base props at 109.30 after ISM misses nL1N2P91AT

  • 109.19 EBS low Monday holds above July's key 109.07 low

  • That low is also the 61.8% Fibo of the 107.48-11.66 April-July rise

  • Lower 21- and 30-day Bollis are slowing the price slide

  • But 10-yr Treasury-JGB yields spreads are their lowest since Feb, -55bp

  • Close below 109.07 could see 76.4% Fibo, weekly kijun at 108.47/03

  • Specs bought prior Tues-Tues dip and need some gains soon to justify it

  • Getting above 110 looks like the minimum bar there

  • Longs jittery as July 2's 111.66 peak was the day June NFP printed 850k

  • July NFP due out this Friday now seen up 880K, but would that be bullish?

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Refinitiv IFR Research/Market Commentary


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