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On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."Bank of Japan Governor Kazuo Ueda: Non-weather factors may push up food prices.Bank of Japan Governor Kazuo Ueda: Price changes in goods frequently purchased by households may affect consumer sentiment and the underlying inflation rate.

The dollar against the yen is hovering near a three-year high! Risk sentiment remains weak

Oct 26, 2021 11:05

After testing a three-year high of 114.46 in Asian markets in early trading on Monday (October 18), USD/JPY consolidated above 114.00, and the bulls paused before resuming the upward trend.


The exchange rate closely follows the trend of U.S. Treasury yields, and the benchmark 10-year Treasury bond yields are also trending. Yields rose again and pushed up the currency pair to the multi-year top it hit last Friday.

However, the 10-year Treasury bond yield seems to be unable to break through 1.60% without follow-up buying, limiting the exchange rate to a 3-year high.

The decline in the exchange rate is still limited by the strengthening of the US dollar, because the market risk tone remains weak.

Concerns about the slowdown in global economic growth have resurfaced within the day, and the surge in oil prices has weakened market sentiment and supported the dollar bulls.

At the same time, Japanese Prime Minister Fumio Kishida said that he has no plans to change the sales tax. Since there are relatively few data in the United States, the exchange rate may be affected by broader market sentiment and yield price movements.

However, as the Fed’s hawkish expectations continue to rise, the Fed’s speech will attract more attention.

USD/JPY technical outlook


FXStreet analyst Christian Borjon Valencia explained, “The first resistance was at 114.54, the high of October 4, 2018, which is a key level. The exchange rate has been blocked four times in four years. If it breaks through this level, the exchange rate will rise further. Clear the obstacles and point to key resistance levels, such as the high of 115.37 on January 27, 2017, and then the high of 117.52 on January 9, 2017. On the other hand, if it breaks 114, it will open the door to decline, and the current RSI will exceed purchase. "

(Daily chart of USD/JPY)

At GMT+8 16:36, the USD/JPY traded at 114.35.

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