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Dec 15 - 03:55 PM

USD/JPY - Risk-Off Rally Flirts With 138 Breakout As Rates And Risk Conflict

By Randolph Donney  —  Dec 15 - 01:40 PM

  • USD/JPY rallied 1.8% on huge risk-off flows from Fed, ECB hawkishness

  • Haven dollar the main beneficiary of flight-to-safety trading

  • Current 138.18 EBS high pierced Dec rebound highs, tech hurdles by 138

  • Mostly weaker U.S. data Thur, lower L-T Tsy yields partial impediments

  • Deeper 2-10-yr Tsy yield yld curve inversion raises recession risk

  • A close above 138 could carry up to the kijun at 140.10

  • Dec lows had already erased all gains amid Fed's four 75bp rate hikes

  • Now has to price back in a bit more hikes than recently expected

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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