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Oct 26 - 04:55 PM

USD/JPY - Percent Drop On Less Fed Hike Fear Probes Kijun Sans Intervention

By Content Admin  —  Oct 26 - 02:00 PM
  • USD/JPY fell 1.1% and almost to daily kijun support at 146.12

  • Treasury yields retreat enhanced by BoC's smaller than forecast 50bp hike

  • Prices below 21-DMA on-close pivot point at 146.73 interventions breached

  • A close below it and kijun sans intervention would be bearish nL1N31R1OF

  • Last break and close below the 21-DMA in July triggered a 136.08-130.40 dive

  • Similar results seen using the kijun as the past pivot point

  • The 130.40 low was caught by the rising 100-DMA, now at 139.44 on EBS

  • Might need Fed next week to bolster rate hike ramp-down view for that

  • And clear easing in labor market tightness from claims, ECI and NFP

  • Otherwise carry trade demand will resume near Friday's 144.50 MoF-led low

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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