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Sep 13 - 01:55 PM

USD/JPY - Consolidation Near Completing On CPI, Fed Influences

By Christopher Romano  —  Sep 13 - 12:45 PM
  • USD/JPY fell below the 10-DMA, hit 141.605 on EBS but then rallied

  • US CPI surprise drives expectations for higher Fed terminal rate EDH3

  • US$ rallied broadly, USD/JPY into positive territory, hit 144.675 on EBS

  • Daily bull hammer formed & daily RSI turned higher once again

  • USD/JPY is near completing consolidation phase in place since Sept. 7

  • End of consolidation is likely to resolve with USD/JPY rally to new highs

  • August 1998 monthly high then becomes a target for longs

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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