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May 14 - 08:36 AM

USD/JPY - Caught In The Cloud Ahead Of Powell, Reopening Stats

By Randolph Donney  —  May 13 - 08:25 AM
  • USD/JPY's rebound this week faltered by falling cloud top & kijun

  • The top's fallen to 107.40, while the bottom's flat at 106.705 on EBS

  • Prices also caught between the tenkan at 106.87 and kijun at 107.54

  • Powell today to dampen debate on potential negative Fed funds option

  • Fed could alternatively raise the IOER to boost banks

  • But bigger macro driver is how pandemic reopenings perform into summer

  • It's clear a V-shaped recovery is unlikely. Hope now is for U-shaped

  • A close below the cloud would revive 106 range base tests

  • A close above the kijun is needed for bigger Fibos of March-May slide

Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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