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Mar 27 - 03:55 PM

USD/JPY - Warned Off Minor New 34-Yr Highs By MoF, BoJ Pre-Key US Data

By Randolph Donney  —  Mar 27 - 02:05 PM
  • USD/JPY hit a minor new 34-yr high at 151.975 vs 151.94 2022 peak

  • Japanese officials held an emergency meeting regarding yen support plans

  • Market saw the meeting signaling MoF, BoJ hope to avert a 152 breakout

  • Post-intervention threat setback held just above Friday's 151.00 low

  • Specs betting against durable intervention, but also Fed rate cut scope

  • Also that still wide, if off 2023 peaks, Tsy-JGB ylds spreads will hold

  • Fed's Waller speech late today, PCE Fri & ISM, NFP next week now eyed

  • Hawkish data may be needed sustain a 152 breakout amid MoF pushback

  • Top-heavy daily techs and hefty spec long position possible headwinds

  • But more of an issue if US data favor Fed's 3 2024 rate cuts from June

  • And if Japanese intervention becomes actual rather than verbal

  • A 152 break could see twin Fibos by 155.20 eyed sans intervention

  • A sub-151 range could target kijun and cloud by 149.23 on Friday

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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