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USD/JPY Remains Heavy

JPY

USD/JPY went offered Tuesday as the USD lost ground and underperformed all of its G10 peers. The rate stabilised after a downswing into the London morning, which allowed it to close below the 50-DMA & extend its current losing streak to four days in a row.

  • In local news, NHK reported that a safety lapse was found at TEPCO's Fukushima Daini plant. Elsewhere, the Nikkei said that Japan wants to expand chip investment in its growth strategy.
  • As a reminder, BoJ Gov Kuroda is set to speak today at 12:30pm JST.
  • Final March industrial output headlines the local dockete today. Trade balance & core machine orders hit Thursday, national CPI & flash Jibun Bank PMIs come out Friday.
  • USD/JPY changes hands at Y108.92, little changed on the day as we type. May 7 low of Y108.34 provides the initial bullish target. A break under this key near-term support would bring Apr 23 low of Y107.48 into play. Conversely, a jump above May 13 high of Y109.79 would expose Apr 9 high of Y109.96.
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