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Muted Start, CPI On Tap

JPY

USD/JPY prints at ¥128.40, little changed in a muted start to today's session.

  • JPY unwound some of its early gains yesterday, as the greenback strengthened in early European trade. Resistance came in above ¥128.70.
  • The pair finished lower as U.S. equities recovered off session lows, and a lack of overt hawkishness in Fedspeak weighed on the USD. USD/JPY finished down ~0.4% on Thursday.
  • The technical outlook remains bearish, ¥127.23 the low from Jan 16 and the bear trigger is the next target. Bulls look to first break the 20-day EMA at ¥131.45 to turn the tide.
  • On the wires in just under an hour we have the Dec CPI for Japan, the Bloomberg survey median looks for +4.0% on the headline number, although the dynamics observed in CPI ex-fresh food (surv +4.0%) and CPI ex-fresh food & energy (surv +3.1%) will be of more note for the BoJ.
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