By Randolph Donney — Apr 16 - 10:00 AM
USD/JPY briefly spiked down from 154.77 to 153.90 on EBS
No apparent news and move not high volume, so was bought into
Longs getting jittery as BoJ intervention risk seen high by 155
But uptrend getting fresh support from rising Tsy yields
Howver, prices are the most O/B since Oct. 2022's 151.94 peak
So risk vs reward for new longs a little riskier than on 152 breakout
Also have twin Fibo objectives at 155.20 as a possible P/T spot
US data mixed, but Fed speakers keep rate cuts off the table for now
IMM specs most net long since 2007 also hints at O/B condition
For more click on FXBUZ
Source:
Refinitiv IFR Research/Market Commentary