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Oct 17 - 04:55 PM

USD/JPY - Slow Rise Toward 2023 Highs Despite Fast Rise In US Yields Post-Data

By Randolph Donney  —  Oct 17 - 02:35 PM
  • USD/JPY rose toward Oct's 150.165 peak on strong US data, Tsy ylds surge

  • Move up is mild vs the 13bp and 14bp jumps in 2- and 10-yr Tsy yields

  • 2023 uptrend's been stalled below the Oct. 3 150.165-47.30 range peak

  • Early Tues's 149.75-8.75 flash dive a reminder of skittishness since then

  • That as the BoJ is seen slowly inching out of ultra-easy policy stance

  • And with the lingering FX intervention threat from Japan's MoF

  • Gaggle of Fed speakers ahead, including Chair Powell on Thur

  • Fed funds curve a bit higher with slight rise in Dec hike probability

  • But mostly pricing out some of mid-year and 2024 rate cuts

  • Upper 21- and 30-day Bollis are at 150.26/38, lots of 151 option expiries

  • 2023's rising channel top hits 2022's 32-yr peak at 151.94 on Wed

  • Kijun at 148.30 key support

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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