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May 10 - 04:55 PM

USD/JPY - Trendline, Treasury Yield Bounce Reverse Some NFP Damage

By Randolph Donney  —  May 10 - 02:52 PM
  • USD/JPY's 108.47 low on EBS held right at the up trendline from January

  • The TL was breached, but no closed below, Friday and on April 23/26

  • Treasury yields up as NFP miss seen due to shortage of willing workers

  • Fed's Kaplan talks taper, potential side effects of bond buys nS0N2LF00H

  • Rebound faces a thicket of resistance above 109 and bearish options view

  • Prices also below the daily cloud top that will be at 109.34 on Tuesday

  • Bulls need a range above the kijun and 30-DMA at 109.11-12 nL1N2MX1HN

  • A close below 108.32 would target 108 and April's 107.48 low

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Source:
Refinitiv IFR Research/Market Commentary

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