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May 28 - 06:55 AM

USD/JPY - Stuck In Holding Pattern, Though Bulls Are Undeterred

By Justin Mcqueen  —  May 28 - 05:10 AM
  • USD/JPY muted, holding pattern is the current state of play

  • Lack of directional clues from USTs with 10yr capped at 4.5-4.53%

  • USD/JPY longs likely skittish ahead of suspected intervention level (157.50)

  • Nonetheless, dips in the pair remain shallow amid preference to own carry

  • Reminder, corporate month-end due Wednesday - typically USD supportive

  • Though, this has been less so in recent months

  • Support: 156.27-45 (200-hour SMA/EMA)

  • Fed rate cuts increasingly looks like a one and done in 2024 nL1N3HR0PV

  • BUZZ-IMM net JPY short rises for first time in four weeks nL1N3HV0F1

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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