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Mar 06 - 03:55 PM

USD/JPY - Bolstered By Treasury Yield Bounce, But Decent US Data Key For Flagging Uptrend

By Randolph Donney  —  Mar 06 - 01:35 PM

  • USD/JPY up from Monday's 135.375 low on EBS as Tsy yields bounced

  • Prices look a bit top-heavy, but yet to close below the tenkan & 10-DMA

  • Both of those props, last at 135.575/84, were breached intraday

  • Market bracing for Powell testimony Tues, ADP & JOLTS Wed and NFPs Friday

  • Also have CPI and retail sales next week before Mar. 22 Fed meeting's end

  • Huge curve inverting rise in Tsy ylds vs JGB needs more solid US Feb data

  • Market already priced out BoJ yield cap raises despite ongoing distortions

  • Prices face major resistance in the lower 137.00s

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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