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Apr 22 - 04:55 PM

USD/JPY - Stalks 20-Year Highs After BOJ Defends Ultra-Easy Policies

By Randolph Donney  —  Apr 22 - 02:40 PM

  • USD/JPY spiked past 129 on BOJ Kuroda's dovish comments nN9N2TD01L

  • Japan's inflation pressures modest vs US, Europe and others

  • But Wed's 129.43 20-year peak on EBS not retested yet

  • Heavily O/B prices, biggest spec long since 2018 beg for consolidation

  • Uptrend also slowed by 10-yr Tsy-JGB yield spreads cresting nL2N2WK1HJ

  • Rapid Fed rates hikes lift S-T spreads, but Tsy curves is flattening

  • Eventually Fed hikes, QT will lower inflation and GDP growth

  • Central Bank tightening beyond BOJ stasis already hitting riskier assets

  • Also concern yen's broad plunge will weaken Japan's economy

  • MOF might eventually try to break its fall, but G7 window now past

  • Daily on-close pivot pt & 10-DMA props are at 126.98-96

  • Uptrend's intact while closes are above those levels

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Refinitiv IFR Research/Market Commentary


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