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Aug 10 - 04:55 PM

USD/JPY - Dives On Below-F/C CPI, But More Data Needed To Reverse Fed-Led Uptrend

By Randolph Donney  —  Aug 10 - 02:40 PM

  • USD/JPY tumbled with Tsy yields after below-f/c US CPI readings

  • Prices neared daily cloud base at 131.685 before bouncing with Tsy yields

  • Fed's Evans nL1N2ZM1OC and Kashkari nS0N2YH091 reaffirmed rate hikes

  • These dovish Fed officials talked about 4% or more Fed funds by end-2023

  • Fed may be dissuading the initial CPI yield drop and surge in stocks

  • USD/JPY longs looking for less bearish mkt responses to Fed nL1N2ZM1HM

  • Tsy yields well off Wed's lows, avert test of crucial 100-DMA at 131.14

  • Hasn't been a sub-cloud and 100-DMA close since last Sept

  • Lots of US data before Sept Fed, but bulls need durable Fed hike pricing

  • USD/JPY's below level before the June 75bp hike, big drop from July high

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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