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Light Tailwinds For Yen After Directionless Monday Trade

JPY

USD/JPY charted a virtual Doji candlestick on Monday, holding a fairly tight range through the day. Negative risk sentiment in Asia put a bid into the yen, but the currency reversed gains into London hours and USD/JPY refused to test its intraday extremes thereafter.

  • BoJ Gov Kuroda reiterated Monday that stability in FX markets is important but the central bank will stick to its powerful monetary policy easing. Nothing to rock the boat in these comments.
  • When this is being typed, USD/JPY trades -15 pips at Y129.01, with the yen sitting atop the G10 pile, even if it outperforms by narrow margins.
  • A slide through May 12 low of Y127.52 would shift focus to key near-term support from Apr 27 low of Y126.95. Conversely, a break above May 12 high of Y130.05 would bring May 9 cycle high of Y131.35 into play.
  • The local docket is virtually non-existent today, with flash Q1 GDP and final March industrial production figures coming up Wednesday.
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