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Apr 07 - 04:55 PM

USD/JPY - Holds Above Last Week's Lows With Some Late FOMC Relief

By Randolph Donney  —  Apr 07 - 03:11 PM
  • USD/JPY's 109.58 EBS low held above important supports at 109.40/38/35

  • Those props are the 21-DMA, last week's low and 61.8% Fibo of 108.34-10.97

  • FOMC minutes were about as expected, but less dovish than some feared

  • That allowed longer-term Treasury yields to hold the day's modest gains

  • Focus now on weekly jobless claims and Fed Chair Powell's speech Thursday

  • USD/JPY still working through heavily overbought weekly RSIs

  • And large net spec long positions in the 108.34-110.42 range nL1N2M01MB

  • Wobbling uptrend needs the uptrend in Treasury yields to resume soon

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Source:
Refinitiv IFR Research/Market Commentary

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