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Bullish USD/JPY Structure Crystallises

JPY

Post-FOMC greenback strength provided a tailwind for USD/JPY Thursday, pushing the rate to the highest point since Jan 11. A close above Jan 18 high of Y115.06 marked the completion of a short-term double bottom pattern, pointing to the scope for further gains.

  • USD/JPY last trades at Y115.42, 6 pips higher on the day. A break above Jan 10 high of Y115.85 would bring Jan 4 cycle high of Y116.35 into play. Conversely, a slide through Jan 14/24 lows of Y113.49/47 would signal that bears are regaining poise.
  • Tokyo CPI inflation slowed to +0.5% Y/Y this month from +0.8%, while growth in core prices decelerated to +0.2% from +0.5%, marginally missing expectations. Moderation in consumer price growth lends support to the BoJ's commitment to stick to their ultra-loose policy stance for the time being.
  • Next week, focus turns to Japanese retail sales & industrial output (Monday) as well as jobs data (Tuesday).
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