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Thomson Reuters
Jul 09 - 06:12 AM
USD/JPY's Upside Limited, But Direction Tied To Bond Spread
First appeared on eFXplus on Jul 09 - 04:10 AM
  • USD/JPY bears tighten grip, but need daily close below key Fibo nL1N1U409P
  • Sees tight 110.30-110.53 (EBS) range so far this Mon, upside seen as limited
  • Japanese exporters, option-related offers remain in size above the market
  • Specifically said to be sell orders at 110.80, while bids swelling at 110.30
  • Direction in USD/JPY is partly being driven by 10-year UST-JGB spread
  • 30-day log correlation between USD/JPY, 10-year UST-JGB spread high (+0.77)

USD/JPY vs 10-year UST-JGB Spread Chart: Click here

Source:
Thomson Reuters IFR Markets

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