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Aug 27 - 03:55 PM

USD/JPY - Slips After Powell Speech Reveals Fed Chair Not Ready To Taper

By Paul Spirgel  —  Aug 27 - 01:46 PM
  • JPY=EBS ending NorAm -0.24% at 109.82, Friday's range 110.27-109.80

  • Pair rallied abv 55DMA at 110.17 in early NorAm on hawkish Fed rhetoric

  • Dovish Powell J-Hole speech delays taper, rate rise outlook hits USD

  • Powell sees inflation meeting substantial progress hurdle, employment weak

  • USD/JPY dips after Powell speech casts doubt on Sept taper nL1N2PY1IC

  • Pair eyes support at 100DMA by 109.66, then dbl bottom at Aug 16/17s 109.12

  • 5 failed attempts to close abv 55-DMA in last 7 session favors USD weakness

  • Close abv 55DMA puts Aug 13 high 110.47 and upper 21-d Bolli 110.62 in view

For more click on FXBUZ


JPY Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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