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Jan 23 - 03:55 PM

USD/JPY - Back By Year's High After Brief BoJ-Led Dive, Now Eying Key US Data

By Randolph Donney  —  Jan 23 - 01:50 PM
  • Early dive to 146.99 lows after BoJ a bit more hawkish than last meeting

  • But dip buyers by 147 and 10-DMA props scooped up the discount

  • Prices since up on day with Tsy yields and limited BoJ hike prospects

  • That with 2-yr JGB and Tsy yields at 0.04% and 4.38%, respectively

  • Long tail and possible bullish engulfing daily candlestick

  • Current 148.70 high is close to Fri's 2024 peak at 148.80 on EBS

  • The 76.4% of the Nov-Dec plunge is next at 149.17, then 150 big figure

  • US GDP and claims Thur, Tokyo CPI and US PCE on Fri are next key data

  • If data favors less Fed-BoJ convergence 150+ is possible

  • But with risk of MoF yen support before 2022-23's 32-yr 151.94/2 peaks

  • IMM specs far less net long than before prior peaks, easier ascent

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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