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Muted Start, PPI On Tap

JPY

USD/JPY prints at ¥133.65/75 little changed in a muted start to Wednesday dealing.

  • The pair firmed through yesterday's NY session after support came in ahead of ¥133.00, recent ranges were respected as resistance came in ahead of Monday's highs.
  • The trend direction in USD/JPY remains down and short-term gains are considered corrective. Immediate attention is on Monday's high (¥133.87), a break of here would strengthen the short term bullish theme. On the downside a reversal lower would open up 131.83 Low Apr10.
  • On the wires today March PPI will cross, a Y/Y increase of 7.1% is expected. March Bank Lending and Feb Core Machine Orders will also cross.

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