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Sep 12 - 04:55 PM

USD/JPY - Uptrend Resumes As BoJ Hike Risk Discounted, Key US Data Awaited

By Randolph Donney  —  Sep 12 - 02:55 PM
  • USD/JPY reversed Monday's drop prompted by BoJ hint at possible end to NIRP

  • That notion evoked a negative response from a heavyweight Japanese lawmaker

  • Monday's dip was bought as Tsy-JGB yields spreads remain very bullish

  • Tuesday's high so far holding below Monday's 147.26 pre-dive high on EBS

  • Focus now on Wednesday's US CPI, overall and core, to feed Fed expectations

  • Also on Thursday's retail sales, PPI and jobless claims

  • Some early hints high rates, inflation and less savings could cool economy

  • But market sees some risk of one more Fed hike before Q2 2024 cuts

  • Uptrend is intact with closes above the 21-dMA, last at 146.36

  • Sept highs and upper-21-day Bolli near 148 are the nearby hurdles

  • 2023's rising channel top and 161.8% Fibo by 149.60 are 150 major hurdles

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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