USD/JPY post retail sales pullback held 50% Fibo; 2-yr spreads lift
Thursday, June 11, 2015 1:40 PM UTC
- USD/JPY post retail sales pullback held 50% of 122.55-124.19 rise at 123.32, 200-HMA at 124.26 upside pivot
- Pullback partly due to 10-yr yield spreads falling further as Tresury curve flattened
- USD/JPY correlation to 2-yr spreads is higher than 10s & prices now responding
- Market still tad spec top-heavy & worried about BOJ QQE2 sunset/no QQE3
- Fed tightening prospects rising with improving US data; bullish if S&Ps rise, too
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