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Yen Finds Covid Headlines Uninspiring

JPY

After a modest uptick in Wednesday's Asia/Europe hours, USD/JPY took a nosedive in reaction to the release of U.S. CPI figures, which broadly matched expectations. The rate pierced the Y115.00 mark and showed at its lowest point since Dec 27. Note that its recent spell of weakness has been paralleled by the RSI's pullback from overbought territory last week.

  • USD/JPY last sits at Y114.66 at typing, barely changed on the day. A sell-off past yesterday's low of Y114.54 would shift bearish focus to the 50-EMA at Y114.24. Conversely, bulls set their sights on Jan 4 cycle high of Y116.35.
  • Japan's daily Covid-19 cases topped 10,000 on Wednesday for the first time in four months, as the Omicron variant continues to propel the sixth wave of infections, but surrounding headline flow has failed to generate any tangible market response.
  • Looking ahead, Japan's flash machine tool orders are due later today, while PPI will hit the wires tomorrow.
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