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Oct 18 - 04:55 PM

USD/JPY - Uptrend Consolidates Below Key Resistance After U.S. IP Miss

By Randolph Donney  —  Oct 18 - 02:42 PM
  • USD/JPY marginally lower and off Monday and Fri's 114.45/47 EBS highs

  • Big 114.50 barriers before major 114.54/55 L-T Fibo and 2018's high

  • US IP missed big enough to trim Tsy yields and dollar gains somewhat

  • Rebound in stocks and pullback in crude about a wash for the haven yen

  • 5-yr Tsy-JGB yield spreads hit highest since Feb 2020, limits dips

  • Friday's strong US retail sales also underpin rates, USD nL1N2RE1H0

  • Weakening Chinese growth nL1N2RE03R is bearish for Japan, yen

  • A 115+ close eyes 116. 118.66 is the L-T target from Dec. 2016 high

  • Support is at 114 and 113.84. Daily on-close pivot pt is at 113.21

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Source:
Refinitiv IFR Research/Market Commentary

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