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USDJPY Takes a Knock Following Russia/US Drone Headlines

JPY
  • With the latest headlines taking the wind out of the equities’ sails, USDJPY (+0.80%) fell roughly 50 pips to 1.3410 a little while ago but the pair is holding onto solid gains for the session, in line with the pressure on the front-end of the US curve.
  • Overall, last Friday’s move lower in USDJPY and Monday’s bearish extension, highlights potential for a deeper corrective pullback. The pair has traded below support at 134.22, the 50-day EMA. Traders will continue to monitor a clear break of this average which strengthens a short-term bearish threat and exposes 131.31, a Fibonacci retracement point.
    • On the upside, the bull trigger and key resistance has been defined at 137.91, the Mar 8 high.
  • Worth noting tonight, we will receive the latest set of minutes from the Bank of Japan’s March policy meeting. The full MNI review of that meeting is here: https://roar-assets-auto.rbl.ms/files/51876/BOJ%20Review%20-%20March%202023.pdf
  • Elsewhere on Wednesday, US PPI, retail sales and empire state manufacturing index data will be in primary focus for USDJPY.
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