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Oct 24 - 11:55 AM

USD/JPY - Up By 2023 Highs With Treasury Yields As US-Japan PMIs Diverge

By Randolph Donney  —  Oct 24 - 10:00 AM
  • USD/JPY up by 150 and 2023's 150.165 peak on EBS after US PMI beat

  • Tues's rebound from 149.32 was already led by a rebound in Tsy yields

  • Japan flash PMIs deteriorated, but median inflation hit record 2%

  • Uptrend line from Sep & Oct lows at 149.25 held Tues's 149.32 lows

  • A close above 150 is needed to signal MoF intervention is less feared

  • The upper 30-day Bolli at 150.58 is nearby resistance

  • Key kijun support is at 148.73, and uptrend's intact unless closed below

  • PM Kishida said BoJ should work with govt to lift wages, fight deflation

  • That as Japanese govt works on extra budget that will increase JGB issuance

  • Keeps the BoJ in JGB buying mode, YCC cap tweak possible at Oct. 31 meeting

  • And keeps USD/JPY carry traders buying dips unless Tsy ylds trend lower

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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