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USD/JPY Edges Lower After Testing 151.80, BoFA Sees Yen To 160

JPY
  • USD/JPY hit 151.80 on Tuesday, testing March 27th highs before a weaker USD pushed the pair slightly lower. The risk of intervention seems to grow as each day passes, with Japanese officials continuing to warn the market, however this has done very little to control the yen, as yield differential remain high and fed cut expectations are pushed out. As trading on Wednesday gets underway the pair trades near overnight lows at 151.56
  • looking at technicals: MA studies remain in a bull-mode position and this continues to highlight a clear uptrend. Sights are on 151.97 (Mar 27 high), while a move above here could see a test of 152.66 (1.236 proj of the Feb 1 - 13 - Mar 8 price swing), to the downside 150.13/149.13 (20- and 50-day EMAs)
  • (Bloomberg) -- BofA Sees Yen Plunging to 160 Per Dollar If Fed Delays Cuts (see link)
  • In the risk reversal space the 1 week has seen a decent move lower recently last near -1.84. Recent highs have been close to flat. We are now at the lowest levels for the year, however still off the dec lows of -2.785.
  • In the option expiry space: Apr04 Y150.00($1.6bln), Y151.40-50($1.1bln), Y151.75-80($1.2bln)
  • Looking ahead: Jibun Bank Japan PMI data is due out at 11.30 AEST
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