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Jul 26 - 12:12 PM
USD/JPY - Fades Toward 55-DMA As US GDP's Yield Lift Slips
First appeared on eFXplus on Jul 26 - 09:50 AM
  • USD/JPY is drifting back toward the 108.56 low and 55-DMA at 108.54
  • U.S. GDP growth beat, but core PCE at 1.8% was below 2% consensus
  • Market set on 25bp Fed cut next week, but 12-mo cuts being trimmed
  • 10-yr Tsy-JGB yield spreads at 2.21% remain attractive, unhedged
  • Today's Japan CPI data was little changed, BOJ seen on hold next week
  • Options favoring a tight sub-109 range into July 31 FOMC
  • July's high and upper 30-day Bolli by 109 back-stopped by expiries
  • Cluster of MAs, tenkan and kijun straddling 108 favor dip-buying

Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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