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Apr 21 - 04:55 PM

USD/JPY - Overbought Uptrend Slowed, But Fed-BOJ Split Still Supports

By Randolph Donney  —  Apr 21 - 02:50 PM

  • USD/JPY choppy but up 0.35% in late NY trading

  • Sharp rise in Treasury yields vs nearly static JGB yields lifts

  • Thur's 127.82-8.705 range is inside Wed's 127.46-9.43 20-yr high range

  • US data, Fed speakers reinforce Fed rate hikes, Treasury yield surge

  • 5-10-yr Tsy yields above or near 3%

  • G7 meeting didn't focus on FX, yen slide seen due to fundamentals

  • Japan inflation out Friday, but won't push BOJ off YCC policy

  • Retest of 129.43 highs and 130 options is likely nL2N2WJ1FY

  • Bears need a close below Tues's 126.98 low to have any credence

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Source:
Refinitiv IFR Research/Market Commentary

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