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BoJ Speak Eyed

JPY

USD/JPY advanced Tuesday on a lead from firmer U.S. Tsy yields, as the BoJ remains on the sidelines of the global monetary policy tightening drive. Positive risk sentiment also played a role, as most major equity indices (except those in China) posted gains.

  • The rate last changes hands at Y115.52, near neutral levels. A clean break above the 76.4% retracement of the Jan 4 - 24 downleg/Jan 28 high at Y115.67/68 would shift focus to Jan 4 high of Y116.35. On the flip side, losses past Feb 2 low of Y114.16 would expose Jan 24 low of Y113.47.
  • Japan's flash machine tool orders will be published later today, with monthly PPI data coming up tomorrow. Elsewhere, BoJ board member Nakamura will deliver a speech shortly.

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