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Jun 01 - 05:55 PM

USD/JPY - Fresh Fed-BOJ Policy Divergence Puts 20-Year Highs In Play Again

By Randolph Donney  —  Jun 01 - 03:10 PM

  • USD/JPY flying on bullishly diverging Fed-BOJ policy

  • Prices closing fast on May's 20-year peak at 131.35 on EBS

  • U.S. ISM, JOLTs data, Fed speakers, beige book favor Fed rate hikes

  • Prices well above mid-point of 131.35-126.37 May correction @128.86

  • And also cleared of B-wave high and 130 figure resistance

  • Upper 21-day Bolli is by the 131.35 peak, weekly ATR top is at 130.20

  • ADP, claims, NFP and ISM services Thur-Fri next Fed, rates drivers

  • Mkts look for any clues supply and demand are rebalancing nL1N2XO186

  • As it stands, Fed hikes to above 3% are back in pricing, boosting USD

  • BOJ Deputy Gov's extremely dovish comments undermine yen nL1N2XO12L

  • No real resistance above 131.35 until 2002's 135.15 peak

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Source:
Refinitiv IFR Research/Market Commentary

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