JPY Steady As Japan Ready To Support Currency, Post Recent Sell-Off

The yen is slightly off lows from the US session currently trading at 150.633 as time of writing. While the currency has been under pressure since BOJ Deputy Governor Uchida last week said that's it's hard to see the BoJ raising it policy rates continuously and rapidly, the strong US CPI data overnight has exacerbated the move lower for the yen.

• Vice Finance Minister Kanda, has addressed the movement in the JPY this morning, stating although they don't take action based on the yen hitting specific levels, they are ready 24 hours a day to get involved and support the currency, the yen briefly made up some ground the move was hit with further selling and we now trade back near session lows
• USDJPY, currently at 150.633, is slightly below its US session highs. Initial resistance remains at 150.78 (Nov 17th highs), with a break and hold above signaling a potential move towards 151.43, the Nov 16th highs.
• EURJPY retains recent gains, however slightly off its US session highs at 161.63, the highest since Jan 23. Initial support is at 158.92 (Feb 7th low), while key short-term support lies at 158.08 (Feb 1st lows). To the upside, the next resistance is at 161.86, the Jan 19th high and the bull trigger.
• Today, the local calendar is empty, apart from 10-year climate transition bonds.