USDJPY Technical Analysis – The US PMIs add further pressure on the Yen ...Middle East

Fundamental OverviewThe USD got a boost yesterday from the strong US PMIs which lifted Treasury yields and put in question the rate cut in September with the probability falling to roughly 60%. I would argue that the details weren’t that bad on the inflation front but overall good for the growth side. The good part is that in either case the trend is unlikely to change as both drivers are supportive for more upside. The trend will likely change only when we start to get some recessionary US data that will make the market to price in a more aggressive rate cut path. Moreover, the Yen doesn’t even get some help from domestic data as inflation eased further making a rate hike from the BoJ unlik

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