Explore eFXplus Derived Data That Drive Results
A Data Partner of:
Refinitiv
Jan 09 - 03:55 PM

USD/JPY - Gets Tech And Weak Japan Data Support Before Key US CPI On Thursday

By Randolph Donney  —  Jan 09 - 01:50 PM
  • USD/JPY's early low at 143.43 ricocheted away from the 200-day MA

  • That after soft Japanese data further dimmed BoJ tightening prospects

  • Move more so in case Thursday's U.S. CPI report boosts Treasury yields

  • Prices being drawn toward large and repeated 145 option expiries

  • Those are by the Dec. 19 BoJ day high and weekly on-close pivot point

  • Despite the sizeable pullback from Friday's 145.98 high by key resistance,

  • Prices have yet to close below the 30-DMA or kijun at 143.98/89

  • Key is whether 5-6 rate cuts priced for 2024 remain too aggressive

  • That in comparison the three cuts in December's Fed dot plots

  • And if Dec. 13 Fed day high at 146 hit Friday was the correction's end

  • A close above 145 would be first step toward retest of 146 & 50% Fibo

  • Close below daily tenkan at 143.125 key to downtrend's resumption

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

Subscription

  • eFXplus
  • End-user license agreement (EULA)

About

  • About
  • Contact Us

Legal

  • Terms of Service
  • Privacy Policy
  • Disclaimer
© 2024 eFXdata · All Rights Reserved
!