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May 03 - 04:55 PM

USD/JPY - Sixth Straight Daily High, Holds Key Prop After ISM Angst

By Randolph Donney  —  May 03 - 02:52 PM
  • USD/JPY traded a 109.695-8.90 range on EBS, in that order

  • Broader dollar retreat in thinned European trading, post-month-end pop

  • Low by the 21-DMA after ISM mfg index missed and Treasury yields fell

  • But yields and dollar bounced as the ISM's supply tightness then eyed

  • Prices traded above 109 in NY P.M., by big 109 expiries this week & next

  • Monday's 109.695 high is by the 61.8% Fibo of March-April drop at 109.64

  • Also by the April 12 and 13 highs at 109.77/75

  • Largest upcoming options expiries are at 110, may cap

  • Comments by Fed's Powell nS0N2LF003, Williams nN9N2JM001 have no impact

For more click on FXBUZ


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Source:
Refinitiv IFR Research/Market Commentary

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