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Apr 05 - 03:55 PM

USD/JPY - Hot Jobs And Fed Hawks Not Enough To Clear 152, BoJ Threat Yet

By Randolph Donney  —  Apr 05 - 01:35 PM
  • USD/JPY well off Fri's 150.81 low after hot US jobs report

  • Prices remain below 34-yr highs by 152 that MoF, BoJ jawboning helps cap

  • Another round of Fed speakersFriday dimmed rate cut expectations

  • But 2-yr and 10-yr Tsy yields have not made new 2024 highs thus far

  • Some caution about a USD-bullish yields breakout before Wed's CPI report

  • A close above tenkan and 10-DMA at 151.39/49 would avert a sell signal

  • That after 13 days of sub-152 consolidation collapsing Bolli spreads

  • ATR levels as at extreme tights suggesting a breakout is imminent

  • Lack of an upside breakout on hot US jobs data may just be intervention fear

  • But broader dollar gains post payrolls also retreated

  • The 155 level remains the M-T breakout target

  • Downside risk to kijun and cloud top at 149.23 if BoJ intervene

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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