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Oct 28 - 03:55 PM

USD/JPY - Post-GDP Pullback Holds Key Support, More Data, Fed Awaited

By Randolph Donney  —  Oct 28 - 02:45 PM

  • USD/JPY slumped to 113.26 on EBS after US GDP miss hit Tsy yields

  • S-T Treasury yields recovered a bit, led by L-T yields, steepeners

  • Low held just above Oct. 14 low and 38.2% Fibo of Oct's rally at 113.21

  • Dovish BOJ a non-event as it was fully expected nL1N2RO227

  • USD/JPY drop mitigated slightly by risk-on flows softening the haven yen

  • Day's 113.87-26 range is wholly below now falling daily tenkan at 113.99

  • A range above the tenkan is needed to put the 114.695 peak back in play

  • A close below 113.21 would open a gap to 112.23-40 props, breakout points

  • 1-week vols at highest since March as FOMC risk gets priced in

For more click on FXBUZ


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Source:
Refinitiv IFR Research/Market Commentary

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