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Mar 28 - 07:55 PM

USD/JPY - Goes Flat After 7.3% Q1 Surge Stalls At Repeated Sub-152 Peaks

By Randolph Donney  —  Mar 28 - 01:55 PM
  • USD/JPY ends flat after 7 days with highs just shy of 152

  • And with a third straight year of highs so far just below 152

  • MoF and BoJ's looming and ongoing FX intervention threats help cap

  • Tokyo CPI, Japan retail sales and jobs data are due out on Friday

  • But Friday's US core PCE is the much bigger event risk, Fed guide

  • Though released with bond and stock markets closed -- FX open

  • ISMs, JOLTS and the jobs reports next week are possible tie-breakers

  • Strong US data would keep a 152 breakout, barrier breach, in play

  • Softer data that weakens Tsy yields would make intervention more effective

  • Daily ranges above 152 or below 150 are needed to end stalemate

  • Though the intervention threat would increase and likely peak by 155

  • Key kijun and cloud top supports are now at 149.23

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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