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Firmer; Services PPI, BOJ Summary of Opinions On Tap

JPY

USD/JPY prints at ¥129.60, the pair was down ~0.4% in yesterday's trading.

  • JPY strengthened through the European session yesterday, with USD/JPY falling ~1% from peak to trough. Support came in below ¥129.30.
  • The pair pared losses in volatile trading as BOC raised rates and US Equities were pressured in early trading. Resistance came in ahead of ¥130, before paring gains to deal at current levels.
  • Trend conditions remain bearish, with recent activity appearing to be a bear flag formation. Support is at ¥127.23, 16 Jan low and the bear trigger. Resistance comes in at 130.90, the 20-day EMA.
  • On the wires today we have Dec Services PPI; the Bloomberg median estimate is 1.6%, the prior print was 1.7%. We also have the BOJ Summary of Opinions from the Jan MonPol meeting.

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