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Apr 17 - 04:55 PM

USD/JPY - Quest To Test 155 And BoJ Fizzles With US Yields And Crude Drops

By Randolph Donney  —  Apr 17 - 02:45 PM
  • USD/JPY retreated amid falling Tsy-JGB yld spreads and crude prices

  • Prices had gotten heavily O/B and in need of consolidation/setback

  • Failure to clear Tues's 154.77 34-yr highs by key 155 weighed

  • As did that stall coming after Fed Chair crushed rate cut hopes on Tues

  • Wed's Fed beige book report was less hawkish than recent data implied

  • That as there's little key US data until GDP, PCEs on April 25, 26

  • Speculation re BoJ yen intervention got a small lift from FinMin comments

  • So far Wed's range is just an inside day, consolidating big gains

  • 10-DMA, daily on-close pivot pt and tenkan props are at 152.80-97

  • There is a massive $6.08bln of 153 expiries on Thur, 155s ongoing above

  • Japan CPI data is out Friday, core f/c at 2.6% vs 2.8% in Feb

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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