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Rejection Of Y115.00 Leads To Sharp Pullback In USD/JPY

JPY

USD/JPY failed to take out the Y115.00 mark on Wednesday and staged a strong reversal, erasing all of the previous trading day's gains. The pair probed the water under Y114.00 as global equity indices came under pressure amid broader risk aversion.

  • The Nikkei reported that the LDP is looking into expanding tax benefits for companies implementing a certain level of wage hikes, which is not a new concept.
  • USD/JPY has crept higher this morning and last operates +11 pips at Y114.18. A clearance of yesterday's high of Y114.97 would expose Mar 10, 2017 high of Y115.51. Meanwhile, a fall through Nov 12 & 15 lows of Y113.76 would open up Nov 9 low of Y112.73.
  • The main point of note on the local docket during the remainder of this week is national CPI, due for release tomorrow.
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