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Sep 07 - 05:55 PM

USD/JPY - Bulls Take A Breath At 145 Before Fed Chair Powell's Speech Thursday

By Content Admin  —  Sep 07 - 03:05 PM
  • USD/JPY's 11.2% surge off August's lows hit a wall by 145 Wednesday

  • The 144.99 EBS, 24-yr peak was also by a 100% Fibo off August's base

  • Japan FX intervention jawboning, Tsy yield and energy drops weighed

  • Broader dollar profit-taking on Wednesday, with USD/JPY most overbought

  • But USD/JPY still up 0.95% as BOJ's YCC QE, NIRP undermine the yen outlook

  • Pullback hit hourly kijun at 143.84, toward early Ldn low at 143.76 on EBS

  • Prices heavily overbought, but no bearish divergence yet for a fade signal

  • Week's huge gains came without new highs in 2-yr Tsy-JGB yields spreads

  • Big retreat in energy a potential drag, but stocks rise hurts haven yen

  • Soaring daily tenkan & 10-DMA are miles below at 140.59/139.85

  • The 161.8% Fibo off August's 130.40-7.71 base is at 149.52

  • But 1998's peak at 147.63 is the key historical hurdle

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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