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Jun 04 - 07:55 PM

USD/JPY - JOLTS Drop Adds To Derisking Dive Before Upcoming Essential US Data

By Randolph Donney  —  Jun 04 - 01:55 PM
  • The wheels have come off USD/JPY longs this week in a risk/reward reset

  • Big JOLTS drop added to early derisking out of yen-funded trades

  • Tumbling Tsy-JGB ylds spreads starting to take a tolls

  • Prices plunged below 30-DMA & cloud top nearly to the 55-DMA at 154.43

  • The 55-DMA attracted buyers by May's 151.86 post-intervention trough

  • Kijun dropped from 156.05 to 154.92, its first bearish drop since January

  • Cloud base at 153.36 is in range if ISM non-mfg and NFP don't lift US ylds

  • May's low by 2023/22's peak near 152 is reachable if US data miss badly

  • MoF, BoJ & govt all messaging a desire to keep yen losses from hurting econ

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Refinitiv IFR Research/Market Commentary


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