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Dec 27 - 04:55 PM

USD/JPY - Fifth Day With Higher Lows As BoJ-Led Dec. 19 Plunge Gets Retraced

By Randolph Donney  —  Dec 27 - 01:45 PM

  • USD/JPY up 0.38%, 133.60 EBS high by Dec. 2's 133.62 swing low

  • Rebounding Tsy-JGB yields spreads, oversold pressures lift

  • Despite BoJ's wider YCC on 10-yr JGBs, 2-yr JGB ylds are barely positive

  • That as 2-yr Tsy yields rebounded to 4.445% Tues to pre-Dec. 14 Fed levels

  • BoJ Gov Kuroda dismissed near-term policy changes nL1N33G032

  • But core-core CPI rise to 2.8% from 2.5% increases policy angst nL1N33D014

  • That as China opens up amid vast pandemic wave to save wobbling economy

  • Rebound may reach 10-DMA, tenkan and Dec. 14 low at 134.24/38/53

  • Dec. 14's 134.38 low was low after Fed's 50bp hike, before BoJ YCC dive

  • Dec's low reinforced by the 55-WMA and nearby lower Bolli bands

  • Will also have the rising weekly cloud top support in coming weeks

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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