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Jan 24 - 04:55 PM

USD/JPY's Early Dive On Fed-BoJ Convergence Curtailed By US PMI Beats

By Randolph Donney  —  Jan 24 - 01:45 PM
  • USD/JPY dove from 148.36 to 146.65 before US PMI beats boosted

  • Early slide came on big JGB yld jump a day after the BoJ meeting

  • Japan trade and PMI data Wed were yen supportive as well

  • Haven USD broadly lower early amid risk-on flows, more China stimulus

  • The 146.65 low held above the tenkan at 146.575 on EBS

  • But sharp rebounded in Tsy ylds on US PMI beats drove the recovery

  • That recovery so far running into rsst by the 100-DMA at 147.46

  • But has retaken the 10-DMA at 147.15 it broke below earlier

  • Focus now is on US GDP, claims and PCE data on Thur and Fri

  • With a glance at Tokyo CPI on Fri amid Apr BoJ rate hike pricing

  • Onus is on USD/JPY bulls after 2nd run at Jan high failed miserably

  • And daily RSIs are tumbling from overbought levels

  • But tenkan, cloud top, 55-DMA and weekly kijun at 146.09-575 support

  • Close above 76.4% Fibo at 149.17 is needed to eye 2022/23 peaks again

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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