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Thomson Reuters
Oct 05 - 03:48 PM
USD/JPY's Odd Negative Response To US Rates Rise Is Subsiding
First appeared on eFXplus on Oct 05 - 02:25 PM
  • USD/JPY sold in NY after mixed jobs data don't chasten Fed hike calls
  • Powell and Bostic both reinforcing the case for more hikes today
  • More bear curve steepening, stocks selling, but limited USD/JPY drop
  • Pair hold's Tues-Wed lows, 200-HMA & daily Tenkan props @113.53/56
  • 114.10 1st hurdle, but week's & Nov '17 highs @114.55/73 are key
  • Need good US news, rising Tsy rates to realign with rising USD/JPY
  • Fibo targets off Aug, Sept lows & 61.8% of 2016-18 drop @115.08/15/33
  • Rising IMM spec long positioning eyed with latest C-O-T data
  • If DM yields rise more, BOJ's new 20bp cap in 10-yr JGBs may be tested

Chart: Click here

Chart: Click here

Source:
Thomson Reuters IFR Markets

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