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Nov 23 - 04:55 PM

USD/JPY - Reversal Of 2022 Uptrend Affirmed, November Lows Back In Play

By Randolph Donney  —  Nov 23 - 02:40 PM

  • USD/JPY fell 1.3% as poor claims and PMI data added to bearish techs

  • Tsy yields fell after Fed minutes didn't dissuade the Fed pivot post-CPI

  • Mon-Tues double-tops at 142.25 on EBS failed at the prior 2022 up trendline

  • Wed's slide well below the daily cloud base affirmed the bearish trend

  • Tsy yields fell and risk acceptance held up, dimming the haven dollar

  • Pair also weighed down by drop in oil prices that helps Japanese importers

  • Main issue for USD/JPY is view Fed hikes will peak in Q2, then trend lower

  • Extreme Tsy yield curve inversion reinforces that Fed pivot view post CPI

  • And Wed also saw shorter-term Tsy yields drop after disinflationary data

  • Support below Nov's 137.665 low is the 200-DMA and Fibos at 133.74/2.46-55

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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