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Jun 17 - 04:55 PM

USD/JPY - Treasury Yield Dive, Repatriation Flows Undo Fed Rally

By Randolph Donney  —  Jun 17 - 02:45 PM
  • Post-Fed rally reversed shy of 2021's 110.97 peak

  • Reversal was led by collapsing long-term Tsy-JGB yield spreads

  • Yen broadly higher due to limited JGB yield movement

  • EUR/JPY down more than 1% to lowest since May's lows

  • But also as yen-funded reflation trades got unwound post-Fed

  • June's 109.19-110.825 rise on EBS has a 50% Fibo at 110.01

  • The 61.8%, Wednesday's low and June 10 high are at 109.815/80

  • BOJ Friday seen keeping pandemic programs in place for now

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Source:
Refinitiv IFR Research/Market Commentary

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