Credit Agricole sees Friday's NFP report as a key trigger that could push USD/JPY lower toward 150, especially with falling UST yields weighing on the pair.
Key Points:
UST Yields Declining, Adding Pressure on USD/JPY
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.Friday’s NFP as a Decisive Catalyst
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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