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Aug 29 - 01:55 AM

USD/JPY - Backs Away From 2023 High As Focus Turns To Economic Data

By Krishna K  —  Aug 28 - 11:40 PM
  • USD/JPY -0.1% in Asia as traders pare positions ahead of key economic data

  • Early attempt to test overnight 9-month 146.75 high peters out at 146.56

  • Drift to 146.31 ensues as U.S. yields move lower; 2-yr down 5bps to 4.99%

  • Buyers step in ahead of Mon 146.28 low as bullish sentiment remains intact

  • Diverging BOJ-Fed monetary policies will continue to undermine JPY

  • Japan July jobless rate rises to 2.7%, jobs-to-applicants ratio falls

  • Slew of U.S. data this week that could impact Fed rate expectations eyed

  • U.S. Aug NFP, PCE inflation, ISM PMI, 2nd estimate of April-June GDP due

  • Resistance 146.90-147.00, support 145.70-80, 145.40

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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