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Apr 19 - 04:55 PM

USD/JPY - Upward Spiral Has 130 And 2002'S Highs In Its Sights, MOF And BOJ Too

By Randolph Donney  —  Apr 19 - 02:35 PM

  • USD/JPY up 1.4% and near 129, highest since 2002, with no BOJ restraint

  • Odd 10-yr JGB yield trading above BOJ's 25bp caps proved fleeting

  • Even if the BOJ raised the cap, upside is limited nL2N2WH13K

  • April 2002's 129.15 EBS high and 130 big figure are nearby hurdles

  • MOF and BOJ angst re yen's dive yet to translate in actual support

  • Could be some tension at the G20 regarding the tumbling yen

  • Trade-weighted yen is now its weakest since 1972

  • Some see 135, by 2002's 135.20 peaks, as a make-or-break point

  • Japan trade data out Wednesday, still seen with a modest deficit

  • USD/JPY and crosses hugely O/B, but yen buys like catching a falling knife

  • Miles above 10-DMA on-close pivot point, last at 125.67

For more click on FXBUZ


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Source:
Refinitiv IFR Research/Market Commentary

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