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Apr 24 - 03:55 PM

USD/JPY - Up On Yen Weakness, BoJ Stasis, But US Data Is Key Heading Into Fed

By Randolph Donney  —  Apr 24 - 01:35 PM
  • USD/JPY came well off early yen selling highs shy of the 61.8% 134.75 Fibo

  • Yen off after BoJ Gov Ueda squashed talk of a YCC tweak at Fri's meeting

  • The broad yen weakening allowed the mostly weaker USD to rise to 134.72

  • Prices well off the highs as Treasury yields fell vs steady JGB yields

  • Raft of hard US data before May 3 Fed looks key for the USD/JPY uptrend

  • If data don't back higher-for-longer Fed hikes, March highs are a stretch

  • Monday's 133.885 low on EBS is by the rising 10-day MA

  • Friday's low was by the tenkan at 133.58; close below would weaken outlook

  • EUR/JPY hit highest since 2014's 149.79 peak on ECB-BoJ policy divergence

  • There is, however, some bearish O/B divergence risk into the May 4 ECB

  • Tokyo April CPI, March employment and retail sales are all out Friday

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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