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Jun 13 - 03:55 PM

USD/JPY - Dip Buyers Persist, But Lower Highs Since May 1 Intervention An Issue

By Randolph Donney  —  Jun 13 - 01:15 PM
  • USD/JPY modestly higher after dovish US data and hawkish Fed Wed

  • Pullback on PPI and claims limited to 156.57 on EBS

  • Dip buyers persist despite narrowing Tsy-JGB yld spreads

  • Spreads still wide enough to attract buyers, particularly on pullbacks

  • But pattern of lower highs since May 1's intervention day peak eyed

  • A close above that 157.99 w/o triggering intervention might retest 160

  • Bulls eye bolder BoJ normalization Fri and decent US sales data Tues

  • But there is clearly room for disappointment on both accounts

  • Longer term focus is on whether Fed waits too long to begin easing

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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