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Thursday Kuroda Comments Support Yen, Tokyo CPI Eyed

JPY

USD/JPY sank into the London morning Thursday, seemingly in response to comments from BoJ Gov Kuroda. The official said that rate hikes by the Fed won't necessarily result in a further depreciation of the yen, adding that the BoJ could manage an exit from its ultra-loose monetary policy settings. That being said, USD/JPY clawed back the bulk of its earlier losses later in the day.

  • USD/JPY last trades at Y127.06, 7 pips lower on the day. Should we get below Y126.36, which limited losses on May 24, bears could target the 50-EMA at Y126.04. Conversely, the initial bullish target is provided by Y129.78, the high print of May 17.
  • Tokyo CPI will hit the wires shortly. Core prices are expected to have grown 2.0% Y/Y, according to Bloomberg consensus forecast.
  • Next week, focus turns to unemployment, retail sales & industrial output (Tuesday) as well as capex & company profits/sales (Wednesday).
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