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May 06 - 04:55 PM

USD/JPY - Cautious Rebound From Last Week's Plunge Pre-CPI, Sales, MoF Eyed

By Randolph Donney  —  May 06 - 02:35 PM
  • USD/JPY up 0.6% by 154 after Fri's post-NFP miss 151.86 low

  • That low off last Mon's 160.245 peak and suspected MoF interventions

  • The drop erased April's breakout beyond 2023/22 peaks by 152

  • Made for an attractive dip-buying opp, but dimmed by bearish US data

  • Focus now is on the May 15 US CPI and retail sales after hot March readings

  • Forecasts for April CPI and sales suggest pullbacks to cooler levels

  • But may take much cooler data to put 3 or more Fed cuts by yr-end in market

  • At or above-f/c data could test tenkan/50% of last week's dive at 156.05

  • All contingent on potential MoF intervention

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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