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Jul 28 - 08:55 PM

USD/JPY - Slides With US Yields; Strong Signs Of A Top Emerge

By Krishna K  —  Jul 28 - 06:50 PM
  • USD/JPY languishes at the lows in early Asia after sliding 1.7% Thursday

  • Undermined by sharply lower U.S. yields on signs of a weakening economy

  • U.S. 2yr yield down 13bps, 10yr -11bps from Wed close on weak U.S. GDP

  • Traders bet Fed will not raise rates as aggressively as previously expected

  • Market now pricing in Fed funds peaking near 3.25% by Dec, 3.4% pre-Fed

  • Shrinking U.S. GDP & rate expectations hint of a USD top in place vs. JPY

  • Support 133.75-80, 133.35, resistance 134.90-135.00, 135.50-60

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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