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May 29 - 04:55 PM

USD/JPY - Makes A Risk-Off Play For May 1 Plunge Peak By 158 Pre-US Data Deluge

By Randolph Donney  —  May 29 - 02:00 PM
  • USD/JPY swept up in broader dollar rise toward May 1's 157.99 high

  • That was May's high and day of plunge to 153 on suspected intervention

  • Rise out of 4-day stall by 157 tipped off by Tues's 157.04+ close

  • The 61.8% Fibo of the 160.245-151.86 April-May tumble is at 157.04

  • The 76.4% Fibo at 158.26 and upper 30-day BB are eyed above 158

  • Wed's rise was helped by higher 10-yr Tsy-JGB ylds spreads

  • But the dollar was broadly sought as a haven amid risk-off flows

  • Mkt now pricing in 31bp of Fed cuts by yr-end, was 160bp in January

  • And the 25 or so bp of BoJ hikes expected this year start from 0.1%

  • Focus now is on Friday's US PCEs, then ISMs, JOLTS and NFP next week

  • Thur's jobless claims, 2nd GDP estimate and pending homes sales also eyed

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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