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Aug 19 - 04:55 PM

USD/JPY - Fed Shying Away From YCC Extends Oversold Market's Rebound

By Randolph Donney  —  Aug 19 - 02:55 PM
  • USD/JPY ricocheted away 105.10 EBS low by the lower 21-day Bolli early

  • Failed break below August 6 low & 61.8% at 105.29-30 raised red flag

  • Shorts covered before FOMC minutes, fear full easing bias already priced in

  • Minutes lift Treasury yields, dollar, hit stocks; YCC option discounted

  • Dollar was broadly oversold, prompting profit-taking in dollar index

  • Cluster of S-T moving averages, tenkan and kijun surrounding 106

  • Low by the lower 10-day Bolli, 10-DMA & upper Bolli at 106.17/7.20

  • A close above Tuesday's 106.10 high and the 10-DMA needed to target 55-DMA

  • Thursday's jobless claims and Friday's August PMIs are next data to watch

For more click on FXBUZ

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Refinitiv IFR Research/Market Commentary


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