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Oct 05 - 04:55 PM

USD/JPY - Up After Better ISM News, But Breakout May Need Clear Payrolls Beat

By Content Admin  —  Oct 05 - 02:35 PM
  • USD/JPY well off Wed's 143.53 lows by the tenkan after ok ISM nN9N2YW00C

  • The non-manufacturing data boosted by bounce in the employment index

  • That a relief for USD bulls after JOLTS drop, weak ISM manufacturing

  • Treasury yield rise supportive with JGB yields smothered by the BoJ

  • But market faces lingering MoF FX intervention threat near 145.90 peak

  • May need healthier than forecast claims in payrolls data to forge ahead

  • Fed priced to hike rates another 140bp to a 4.5% peak, but down fm Sept peak

  • Japan dealing with weak yen, inflation, energy cost offsets nL1N31609A

  • But BoJ not yet shifting away from its extreme easing to prop up yen

  • Above 145.90/6.00 hurdles are 1998's peak & 161.8% Fibo target @147.64/9.52

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Refinitiv IFR Research/Market Commentary


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