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Aug 15 - 04:55 PM

USD/JPY - Recovers As Dollar Reclaims Haven Demand, Holds Key Supports

By Content Admin  —  Aug 15 - 02:45 PM
  • USD/JPY rebounded from Monday's early 132.555 lows as haven yen bids waned

  • Pair still off 0.25%, a good result given Mon's lousy US data nL1N2ZR110

  • Initial broad haven yen buying came after poor China data, PBoC rate cuts

  • But even terrible US data couldn't keep US stocks from rising

  • And Tsy yield drop on NY Fed and NAHB dives stalled before London's close

  • USD/JPY are lower than before Fed's 75bp June & July rate hikes

  • Prices still above cloud base & 100-DMA that's propped since last September

  • Cloud base rises to 132.06 Tues, 100-DMA is at 131.45 and slowly rising

  • Aug's 130.40 low was by the 100-DMA & 23.6% of 2020-22 rise at 130.365

  • Tenkan & 10-DMA at 133.66/79 are first hurdles; 21-DMA key at 135.00

  • IMM net spec longs smallest since flipping from short in March 2020

  • But it's also less weight on prices if the Fed-led uptrend were to resume

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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