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Oct 05 - 01:55 PM

USD/JPY - Up More On ISM Employment Rise, But Payrolls Are Pivotal For A New Peak

By Content Admin  —  Oct 05 - 11:40 AM
  • USD/JPY is rebounding toward 145 and Monday's 145.40 high

  • Rising Tsy yields vs stagnant JGB yields extend after ISM nN9N2YW00C

  • Rebound in the employment index key ahead of payrolls Friday

  • And after weak ISM Mon nN9N2YW007 & 10% Aug job openings drop nAQN1UT0O7

  • Fed views tight labor market as cushion for rate hikes to beat inflation

  • But pricing of peak Fed hikes has stalled recently near 4.5%

  • USD/JPY facing MoF intervention may need solid payrolls to push new peaks

  • The 145.90 EBS peak that prompted intervention is the main pivot point

  • A close above 145 would also be supportive of run at 1998's 147.64 peak

  • If U.S. data miss badly, the kijun, last at 142.09, will be key support

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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