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Jun 03 - 04:55 PM

USD/JPY - Stalks May's 20-Year Peak After Payrolls Beat, CPI Eyed Next Friday

By Randolph Donney  —  Jun 03 - 02:45 PM

  • USD/JPY up by 131 and nearing May's 20-yr EBS peak at 131.35

  • NFP beat lifted Treasury yields, Fed rate hike pricing and dollar

  • Further gains in energy prices favor US exporters vs Japan importers

  • Some risk-off feedback from higher govt yields, though not JGBs

  • 2-yr Tsy-JGB yields spreads are up by 2022 highs to underpin USD/JPY

  • Little historical resistance above 131.35 until 2002's 135.15 peak

  • Options relatively short gamma above 131 next week, RRs shed yen call bias

  • Hefty net spec USD/JPY longs a possible headwind

  • But May's correction lower refreshed overbought studies

  • Focus shifts to US CPI next Friday, ECB on Thursday

For more click on FXBUZ


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Source:
Refinitiv IFR Research/Market Commentary

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