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Kuroda To Speak

JPY

Yen volatility remains subdued in early Tokyo trade, with USD/JPY trading flat at Y115.26. Topside focus falls on Feb 4 high of Y115.43 and a break here would give bulls a green light for targeting the 76.4% retracement of the Jan 4 - 24 downleg/Jan 28 high at Y115.67/68. Meanwhile, sales past Feb 2 low of Y114.16 would expose Y113.47, which limited losses on Jan 24.

  • According to a report by Asahi Shimbun, Japan's trade ministry is mulling a hike to the gasoline subsidy for refiners in a bid to curb prices.
  • BoJ Gov Kuroda will speak in parliament in the Tokyo afternoon. On the data front, focus moves to earnings/spending figures, BoP current account balance & Eco Watchers Survey, all due tomorrow.
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