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Dec 22 - 11:55 AM

USD/JPY - Slips From Post-GDP Gains As UST Yields Dip From Early NorAm High

By Paul Spirgel  —  Dec 22 - 10:25 AM

  • USD/JPY a tad soft in early NY -0.1% at 132.40; Thursday range 132.72-131.65

  • Pair stabilizing in 131.50-133 range since YCC tweak on Dec 20

  • U.S. Q3 GDP having little effect on $JPY as marts eye Fed-BoJ convergence

  • UST yields slip from post-GDP highs, JGB yields off post-YCC high as well

  • Tuesday's drop likely made large adjustment to extreme spec longs

  • As of Dec 16 release, yen specs had largest USD long at $4.9bn vs AUD $2.6bn

  • Will be instructive to see degree of change in positioning in Friday's data

  • Marts alert for BoJ rate normalization, note JP CPI at 3.7% vs 2% target

  • $JPY MAs, Bolli's pointing lower as some analysts eye 125 in early 2023

  • Supt at 131.49 Wed low, 130.58 Dec 20 low post-YCC move, 130.4 Aug 2 low

  • Break below Aug 130.40 low puts may 2022 lows at 126.56/37 in focus

  • Res 132.72 Thurs high, 133.70 hrly pullback high on Dec 20, 133.85 100-HMA

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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