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Jan 24 - 03:55 PM

USD/JPY - Rebound Rejected Before The BoJ Day High After PMI Spike Spasm

By Randolph Donney  —  Jan 24 - 01:40 PM

  • USD/JPY fell following a fleeting rally to 131.12 on EBS after US PMI

  • PMI beat f/c, but remained deep in contraction range nL1N34915S

  • The knee-jerk PMI rally only briefly cleared the 21-DMA by 131

  • Session low since at 129.73 as Tsy yields and oil prices retreated

  • Downtrend since Oct remains intact w/o a close above the 21- & 30-DMAs

  • If US GDP, claims, PCE on Thur and Fri are soft, selling will increase

  • BoJ seen less likely to reduce its ultra-easy policies near-term

  • Puts more USD/JPY trading focus on Tsy yields, US data & Feb. 1 Fed

  • Jan's trend low, 50% of 2020-22 rise & May low are key @127.215/6.56/37

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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