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Mar 07 - 03:55 PM

USD/JPY - Follows Fed Rate Expectations Lower, Probes 100-DMA At 147.66

By Paul Spirgel  —  Mar 07 - 01:35 PM
  • $JPY slid a further 0.9% to 148.06 by NY close, Thurs range 149.37-147.59

  • Yen remains firm as traders latch onto Powell comments of cuts later in 2024

  • There is also scope for a BoJ pivot higher on rates, before the Fed cuts

  • USD/JPY respects support, focus turns to payrolls nL2N3FL2GE

  • Should US NFP Friday support a dovish Fed, further yen gains are in order

  • LSEG's IRPR pricing 1st Fed cut at 90% odds for June, -92bp by Dec meeting

  • $JPY supt at 10-HMA by 147.98, Thurs low 147.59, 55-DMA at 147.30

  • Res 148.32 21-HMA, 148.76 lower 21-d Bolli (fmr supt), 149.37 Thurs high

  • Extreme long IMM position, by 2017 high, unwinds as US-JP rate spread narrow

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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