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Jun 03 - 07:55 PM

USD/JPY - Big Hiccup On Weak ISM Probes Key Props, But Top Data Lay Ahead

By Randolph Donney  —  Jun 03 - 02:15 PM
  • USD/JPY fell 0.6% on Tsy ylds drop after ISM mfg added to recent soft data

  • That as JGB ylds were about flat as BoJ eyes rate hikes, ending QE

  • Low at 155.95 probed below the cloud top, kijun and 30-DMA by 156

  • So far the up TL from May and weekly tenkan at 155.92/91 have been spared

  • The mfg ISM is far less important than the broader non-mfg ISM out on Wed

  • And that far less weighty than Fri's employment report, with ADP out Wed

  • Traders will eye Tues's JOLTS, forecast falling to its lowest since Feb 2021

  • Carry traders buying dips despite Tsy-JGB ylds spreads tightening further

  • And despite Japanese yen intervention risk, unless top US data miss badly

  • And rapid Fed rate cuts are priced in once again

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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