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May 31 - 04:55 PM

USD/JPY - Fed-BOJ Divergence, Energy Surge May Put 2022 Peak In Play Again

By Randolph Donney  —  May 31 - 02:45 PM

  • USD/JPY up 0.8% and probing 50% Fibo/kijun hurdles at 128.86

  • Close above there and 129 would eye 130, then 131.35 20-yr EBS peak

  • Markets back to pricing in Fed funds peaking near 3%

  • Two- and 10-year yields up 4.6bp and 9.3bp against steady JGB yields

  • Drop from May's 131.35 peak to 126.37 ends ABC correction, resets RSIs

  • Fed's Waller joined the chorus of Fed hawks Monday nW1N2WO004

  • Surging oil prices also favor U.S. vs import-dependent Japan

  • Wed brings ISM-mfg, JOLTs, beige book and Fed speakers

For more click on FXBUZ


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Source:
Refinitiv IFR Research/Market Commentary

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