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Apr 11 - 04:55 PM

USD/JPY - On The Breakout Threshold Ahead Of Key Core U.S. CPI On Wednesday

By Randolph Donney  —  Apr 11 - 03:00 PM

  • USD/JPY again probes the key on-close pivot pt at 133.73 pre-CPI Wed

  • A 133.73-plus close, particularly post CPI, would target 134.75 next

  • The 133.73 level is 50% of March's drop, daily kijun and weekly tenkan

  • Tues's low at 132.97 on EBS was bought at the rising 55-DMA there

  • Fed's Williams and Goolsbee lean hawkish and dovish, respectively

  • Tsy yields came slightly off pre-Goolsbee highs, but WTI up 2%-plus

  • BoJ Gov Ueda may modestly normalize policy in M-T, help yen

  • But Fed and Treasury yields the main driver, thus focus on Wed's CPI

  • Core CPI is key as overall y/y wildly skewed by base effect from WTI

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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