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Oct 12 - 04:55 PM

USD/JPY - Not Acrophobic Yet Amid Fed-Led Quest To Retest 2018's 114.55 High

By Randolph Donney  —  Oct 12 - 02:48 PM
  • USD/JPY's 4%+ surge since the Sept. 22 Fed is nearer to 2018's 114.55 high

  • Fed determined to taper, eventually raise rates, lifts Tsy-JGB yld spreads

  • Prices O/B on daily & weekly RSIs, but steady stocks dim haven yen demand

  • There's a 161.8% Fibo off August's base at 114.16 Fibo before 114.55

  • The 114.55 EBS peak is also a 76.4% Fibo of 2016-20's drop, main target

  • Breakout from summer's tightest ranges since 2014 is a major tailwind

  • 5-yr Tsy-JGB spreads at early March 2020 highs the macro driver nL1N2R817N

  • Yen also hurt by rising energy, import prices & 13-yr PPI high nL4N2R73ME

For more click on FXBUZ


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Source:
Refinitiv IFR Research/Market Commentary

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