USDJPY TECHS: Bearish Outlook

Jun-06 18:30

* RES 4: 150.49 High Apr 2 * RES 3: 149.28 High Apr 3 * RES 2: 147.67/148.65 High May 14 / 12 and a ...

Historical bullets

STIR: Contained Reaction To FOMC Announcement

May-07 18:27
  • Having rallied into the FOMC reaction on tariff headlines, rates reaction is relatively contained following the FOMC statement.
  • Fed Funds implied rates are 0.5-3.5bp lower for 2025 meetings.
  • That includes levels that imply 82bp of cuts for 2025 as a whole but that still has near enough an entire 25bp cut omitted vs pre ISM mfg levels from Thursday.
  • Cumulative cuts from an assumed 4.33% effective: 7.5bp Jun, 24bp Jul, 45bp Sep, 63bp Oct and 82bp Dec.
  • SOFR implied yields are up to 3bps lower post-announcement, led by the Mar 2026.
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US TSY OPTIONS: Jun'25 10Y Call Sale

May-07 18:23
  • -11,500 TYM5 113 calls, 11 ref 111-16

STIR: Dec'25 SOFR Midcurve Call Spread Sale

May-07 18:21
  • -5,000 0QZ5 97.50/98.00 call spds 9.0 ref 96.90