Key Points:
Treasury Secretary Scott Bessent emphasized Trump’s focus on lowering 10Y UST yields, rather than pressuring the Fed for rate cuts.Weaker ISM Services data failed to support short-term UST yields, further dragging down USD/JPY.
Technical Break Below Key Support Levels
USD/JPY broke below 152.70/80, where the 100- and 200-day moving averages intersect.A brief move under 152.00 suggests downside momentum may persist.A weaker-than-expected jobs report could further push down UST yields, reinforcing downward pressure on USD/JPY.Credit Agricole maintains its end-Q1 target of 150 for USD/JPY.
Conclusion:
With falling UST yields and weaker US data, USD/JPY is at risk of further downside, particularly if Friday’s NFP disappoints. A continued break below 152.00 could accelerate the move toward 150, aligning with Credit Agricole’s near-term outlook.
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This article was written by Adam Button at www.forexlive.com. Read More Details
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