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Nov 08 - 04:55 PM

USD/JPY - Flirts With Bearish Reversal Signals, But Treasury Yields Help

By Randolph Donney  —  Nov 08 - 01:41 PM

  • USD/JPY broke below range and 38.2% Fibo props at 113.21 & 30-DMA at 113.12

  • But rebound in Tsy-JGB yield spreads takes prices off 113.08 EBS lows

  • Early drop sped by Fed's Clarida fairly dovish comments nL1N2RZ1C4

  • But Fed has begun QE and is still looking at H2 rate hikes if conditions met

  • BOJ by comparison is not seen normalizing policy for the foreseeable future

  • Biggest risk for dollar is if Fed lets inflation fester, hurting real rates

  • Bulls need a close above the 21-DMA at 113.82 and 114 to regain traction

For more click on FXBUZ

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Refinitiv IFR Research/Market Commentary


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