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Aug 24 - 04:55 PM

USD/JPY - Reverses Wednesday's Slide, Eyes New 2023 Highs If Powell, NFP Abide

By Randolph Donney  —  Aug 24 - 02:40 PM
  • Big rebound from Wed's 23.6% Fibo lows and likely correction bottom

  • Tsy ylds rebound from Wed's PMI miss hit, aided by lower jobless claims

  • Pending bullish engulfing candle if close is above Wed's 145.845 EBS high

  • ABC correction from Aug's 146.565 2023 highs eyes new 2023 highs

  • But market waiting for Fed Chair Powell's speech on Friday

  • It's unlikely Powell will deviate much from July's post-meeting views

  • If so, next Friday's employment report and ISM mfg are key

  • If that data beats forecast, USD/JPY could run toward 150

  • Tokyo CPI is also out Fri, may pace of post-BoJ YCC tweak JGB yields rise

  • But Tsy yields remain the primary driver of Tsy-JGB yield spreads, USD/JPY

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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