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Jan 31 - 04:55 PM

USD/JPY - Tumbled With Treasury Yields On Soft US Data, Bounce On Fed Stall

By Randolph Donney  —  Jan 31 - 03:15 PM
  • USD/JPY tumbled to 146.005 as Tsy-JGB yld spreads dove on US data misses

  • Tsy yld drop in contrast to JGB yld rise on hawkish BoJ summary

  • Big pruning of losses as Powell said the obvious: Mar cut not base case

  • Wed's lows are by the 146.095 daily cloud top & weekly kijun

  • Prices trying to close above 147 thus limiting tech damage

  • Recent big rise in IMM spec longs came amid a 145.59-8.80 advance

  • The 38.2% & 50% Fibos of rises from 140.27/3.43 are at 145.54/48

  • Looks like a pain point for recent longs, with 144.53 kijun next prop

  • If Thur-Fri US data support, a 148+ close looks key to resuming uptrend

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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