Free Trial

Yen Firms On Thursday, National CPI & Jibun Bank PMIs On Tap

JPY

USD/JPY prints at ¥130.75/85, the pair fell ~0.5% in yesterday's session.

  • Weakness in US Equities, led by a decline in regional banks, saw the yen firm through yesterday's NY session. USD/JPY found support below ¥130.50, and marginally pared gains into the close.
  • As Treasury Sec Yellen spoke USD/JPY was volatile, briefly spiking to ¥131 before making fresh intra-day lows. Yellen offered additional deposit action if warranted.
  • From a technical perspective the downtrend remains intact, support comes in at ¥129.75 76.4% retracement of Jan-Mar rally. Key support is the ¥127.23 Jan 15 low.
  • The high from Mar 22 at ¥133.00 is the first upside resistance.
  • February National CPI is the wires this morning, the headline number is expected at 3.3% falling from the prior read of 4.3%. Flash March Jibun Bank PMIs will also cross.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.