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May 07 - 04:55 PM

USD/JPY - Dived To Key Props On Payrolls Miss Shock, But Yields Give Late Aid

By Randolph Donney  —  May 07 - 02:38 PM
  • Incredible NFP miss (most since 1998) triggers a plunge to 108.34 on EBS

  • Lows briefly pierced the up TL from January lows, today at 108.41

  • TL was pierced in April, but couldn't be closed below, averting breakdown

  • Today's low is also by the 61.8% Fibo of April-May rebound at 108.325

  • A close below the TL and the Fibo would point to April low retest

  • Prices off lows as Treasury yields out the curve recouped payrolls plunge

  • Jobs data taken with a grain of salt, hints labor demand beating supply

  • Recovery faces Mon's prior intraweek range low, 10-DMA & tenkan by 108.90

  • 8-day low, 4th lower high and deep dive into the cloud are bearish signs

  • Options starting to lean bearish and toward next week's huge 108 expiry

  • Large net spec long USD/JPY position remains an overhang

For more click on FXBUZ


Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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