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Jul 22 - 04:55 PM

USD/JPY - And Crosses Sold As Poor PMIs Hit Yield Spreads, Boost Haven Yen

By Randolph Donney  —  Jul 22 - 03:00 PM

  • USD/JPY fell 0.8% after U.S. PMI missed badly, tanked Treasury yields

  • Price broke below 21-DMA and 38.2% of post-June Fed meeting rise @136.74/36

  • The 135.575 low on EBS is close to the 50% Fibo at 135.435

  • Prices off the lows amid late demand for dollar as haven as stocks slid

  • Also got a modest bounce in Treasury yields from their post-PMI lows

  • BOJ-cloistered JGB yields leave Tsy yields to drive USD/JPY

  • Two-year Tsy yield spreads have dropped 24bp from Wednesday's high

  • Market pricing lower Fed funds terminal rate after a 2nd 75bp rate hike

  • A close below the 21-DMA and 38.2% would be bearish into Wed's Fed

  • Fri's 135.575-7.40 range on EBS was mostly between daily kijun and tenkan

  • The 55-DMA at 133.21 is primary uptrend support

  • EUR/JPY down 1.2% after recessionary euro zone PMI as ECB finally hikes

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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