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Aug 09 - 05:55 PM

USD/JPY - Gets Pre-CPI Yield Support With 136 The Gateway Toward July Highs

By Randolph Donney  —  Aug 09 - 02:15 PM

  • USD/JPY slightly higher on rising Tsy yields post-NFP beat, pre-CPI

  • Forecasts for CPI are mixed, but focus is on too-high core rates

  • Another 75bp Fed hike is favored before smaller hikes thereafter

  • Key 2-yr Tsy-JGB yld spreads rise to 2nd highest since 2007 nL1N2ZL11U

  • Tiny Tuesday range either side of 50% Fibo, kijun at 134.89 on EBS

  • Close above 61.8% of July-August drop at 135.95 is next big hurdle

  • If CPI doesn't boost Tsy ylds, 10-DMA & cloud top prop by 134

  • Watching oil bounce off major props for possible support nL1N2ZL1AH

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Refinitiv IFR Research/Market Commentary


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