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Jun 09 - 05:55 PM

USD/JPY - Pre-ECB Profit-Taking Pullback Bought With Fed-BOJ Still Bullishly Diverging

By Randolph Donney  —  Jun 09 - 03:35 PM

  • USD/JPY corrected to 133.19 hourly cloud support before the ECB meeting

  • Hawkish ECB sent Bund, EZ yields soaring, driving Tsy yields up as well

  • Tsy-JGB yields spreads climbed to highest since 2018 to underpin USD/JPY

  • A 134.56 marginal new high ahead of 2002's 135.20 peak pre-CPI Friday

  • Overbought market looking for fresh Fed hike fuel for a breakout

  • No option expiries of any size above 134 until next Friday

  • Next Fibo target above 135.20 peak is at 136.50

  • Wednesday's 132.61 low is the on-close daily pivot pt, bits above 133 1st

For more click on FXBUZ

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Refinitiv IFR Research/Market Commentary


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