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Apr 16 - 11:55 AM

USD/JPY - Sees Brief Drop Below 154 As 155 Intervention Jitters Increase

By Randolph Donney  —  Apr 16 - 10:00 AM
  • USD/JPY briefly spiked down from 154.77 to 153.90 on EBS

  • No apparent news and move not high volume, so was bought into

  • Longs getting jittery as BoJ intervention risk seen high by 155

  • But uptrend getting fresh support from rising Tsy yields

  • Howver, prices are the most O/B since Oct. 2022's 151.94 peak

  • So risk vs reward for new longs a little riskier than on 152 breakout

  • Also have twin Fibo objectives at 155.20 as a possible P/T spot

  • US data mixed, but Fed speakers keep rate cuts off the table for now

  • IMM specs most net long since 2007 also hints at O/B condition

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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