USD/JPY Dollar/Yen — Turned to buy on 2024-05-17; cross-yen gains continue

■Signals of position change, Event - Friday, May 17

・ Tokyo morning: yen broadly weaker, dollar stronger. As European hours approach, yen broadly weaker, dollar stronger. From NY to London fix, dollar weaker. NY close: dollar weaker (during the day, yen weaker, dollar weaker).

・ Daytime balance shifted to dollar-yen buying at 155.60 and euro-yen buying at 169.20, moving into an overnight position. Cross-yen pairs continued to rise.

・ BOJ kept the size of its bond purchases unchanged from the previous operation, yen weakness persists. NY risk sentiment favorable to a weaker dollar. DJIA rising past 40,000 in a rally.

・ Bank of Japan Governor Ueda

“I do not intend to dispose of the holdings ETFs immediately.”

“We need to take some time to examine how to handle the held ETFs.”

・ BOJ may raise rates as soon as June if conditions permit, currently considered as “too easy easing,” according to former Director-General Sekine—Bloomberg

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■ U.S. and Japan interest rates

・ U.S. Treasuries rising in yields (bear steepening)

US02yr 4.827 (+0.030)

US05yr 4.447 (+0.044)

US10yr 4.422 (+0.047)

・ Japanese government bonds rising in yields

JP02yr 0.336 (+0.009)

JP05yr 0.547 (+0.005)

JP10yr 0.951 (+0.027)

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■ Current positions

5/17 — BUY @ 155.60

(LAST @ 155.71)

Support at 155.54, reinforcement point for upward resumption at 155.70

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■ Positioning changes

5/15 — SELL @ 156.30

5/06 — BUY @ 153.40

5/01 — SELL @ 156.25

4/30 — BUY @ 156.77

4/29 — SELL @ 156.36

4/05 — BUY @ 151.63

4/04 — SELL @ 151.33

4/01 — BUY @ 151.39

3/27 — SELL @ 151.35

3/12 — BUY @ 146.90

3/05 — SELL @ 150.11

3/04 — BUY @ 150.43

2/29 — SELL @ 150.55

2/21 — BUY @ 150.16

2/20 — SELL @ 150.01

2/19 — BUY @ 150.10

2/15 — SELL @ 150.48

2/07 — BUY @ 148.03

2/06 — SELL @ 148.44

2/02 — BUY @ 146.70

1/31 — SELL @ 147.41

1/30 — BUY @ 147.60

1/29 — SELL @ 147.71

1/25 — BUY @ 147.65

1/24 — SELL @ 147.95

1/15 — BUY @ 145.11

1/12 — SELL @ 145.35

1/09 — BUY @ 144.45

1/08 — SELL @ 144.63

1/02 — BUY @ 141.50