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Jun 22 - 04:55 PM

USD/JPY - Halves This Week's Gains Before Risk An Prices Rebound

By Randolph Donney  —  Jun 22 - 02:50 PM

  • USD/JPY's early risk-off and Tsy yield drop dip held 50% Fibo prop

  • Measured rebound from 135.68 EBS lows with Tsy yields down about 15bp

  • But those lower yields attracted fresh equity, risk-on flows

  • That trimmed the earlier risk-off haven yen gains

  • Two-day and 24-year highs at 136.71 now the price to beat

  • With Tsy-JGB yields down since June 15 Fed hike, risk flows important

  • Fed's Powell sticking to his recent full inflation fight script

  • BOJ so easy that yen remains a favored funding currency, short

  • Some pending USD/JPY O/B signals but no confirmation yet

  • EUR/JPY dip bought and June's 144.25 and 7-yr high retested

  • Japan CPI is out Friday, PMIs are out Thursday

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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