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Oct 13 - 05:55 PM

USD/JPY - Retreats From False Breakout To New 32-Year Highs Despite CPI

By Content Admin  —  Oct 13 - 02:00 PM
  • USD/JPY's post-CPI rise to 147.665 on EBS was a 32-year high

  • Problem was the 1998 post-1990 peak was at 147.64, so no breakout

  • Dollar broadly sold from post-CPI nL1N31C21B news highs

  • Wild swings in gilts and sterling on UK fiscal hopes skewed risk flows

  • But risk was back on in a big way in the end, hurting haven dollar most

  • Early Treasury yield gains also eroded, particularly out the curve

  • USD/JPY's overbought and tenkan support's well below at 145.60 now

  • Tsy-JGB spreads still at new post-GFC highs ahead of retail sales Friday

  • Strong sales would underpin USD/JPY, with 149.38/52 possible L-T targets

  • If sales miss, the rising tenkan could come into play next week

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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