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Jan 13 - 09:55 PM

USD/JPY - On Back Foot After Surge Friday, Despite US Rates

By Haruya Ida  —  Jan 13 - 07:14 PM

• Despite higher US rates, USD/JPY on back foot since Friday

• US rates higher yesterday before pushing down, Tsy 2s @3.375%, 10s @4.766%

• USD/JPY 156.92-157.95 yesterday, off from 158.88 spike high Friday

• Asia 157.13-47 EBS so far, closer to lows seen yesterday

• IMM CTA data show market now short JPY, caution keeping USD/JPY capped?

• Downside likely limited with US yields firm, range base around 156.00

• Double bottom in area - 155.97/156.02 lows Dec 20/31, also 156.25 Jan 6

• Japanese importer, maybe investor demand eyed into today's Tokyo fix

• Tech resistance from 157.69 200-HMA, 55/100-HMAs above at 157.78/94

• Option expiries today 155.80 $596 mln, 156.50 $800 mln, 157.00 $475 mln

• And 157.60-85 total $444 mln, 158.00-10 total 376 mln

• Related comments , , ,

• And , , , also

• US markets , , ,

• On the US economy ,

• On IMM CTA positioning , for more click on [FXBUZ]

USD/JPY:


USD/JPY nearby option expiries to Thursday:


JGB-US Treasury 10-year interest rate differential:


(Haruya Ida is a Reuters market analyst. The views expressed are his own)

Source:
London Stock Exchange Group | Thomson Reuters

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