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Apr 20 - 04:55 PM

USD/JPY - Frothy USD/JPY Retreats Toward Trailing Props As Treasury Yields Peak

By Randolph Donney  —  Apr 20 - 02:45 PM

  • USD/JPY down 0.9% from new 20-yr high of 129.43 on EBS nL2N2WI1DR

  • Hugely O/B and dragged down by 10- & 30-yr Tsy yield setbacks

  • The 10-yr yield peak by 3% drew in bids, lowered Tsy-JGB yld spreads

  • USD/JPY high tied briefly to BOJ reaffirming 25bp cap on JGB yields

  • But prices are most O/B since 2014 and net spec long since 2018

  • Close below Tues's 126.98 low and 10-DMA, 126.08 last, key to uptrend

  • Downside is limited because Tsy-JGB yield spreads downside is limited

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Source:
Refinitiv IFR Research/Market Commentary

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