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Mar 04 - 03:55 PM

USD/JPY - Rallies With Higher UST Yields; Bulls Eye Trend High At 150.88

By Paul Spirgel  —  Mar 04 - 01:40 PM
  • $JPY firm in NorAm afternoon trading, +0.25% at 150.50; NY range 150.50-32

  • U.S.-JP range divergence fuels USD bid, UST yields +5-8bp in belly of curve

  • Yen short squeeze risks are building nL2N3FI1JP

  • Pair unable to take out Feb 13 high 150.88, bulls may seek to test downside

  • Risks to further gains on upcoming U.S. data dump, Powell testimony

  • Yen traders focus past this week shifts to BoJ rate policy March 19

  • $JPY res 150.57 Mon high, 150.88 Feb 13 high, 151.54 upper 21-d Bolli

  • Supt 149.92 21-DMA, 149.21 Daily Low Feb 29, 148.38 23.6% fib of 140.27-150.88

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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