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Yen Firms Post-CPI, USD/JPY Holds Above ¥133

JPY

USD/JPY prints at ¥133.05/15, the pair was ~0.4% softer yesterday.

  • The yen firmed in the immediate aftermath of the US CPI print yesterday, USD/JPY briefly dealt below ¥133 handle meeting resistance at ¥132.80.
  • Gains were pared as US Tsys moderated gains and USD/JPY held above ¥133 for the NY session.
  • Despite yesterday's fall, the recent recovery in USD/JPY is considered corrective; a break of ¥134.75, 61.8% retracement of Mar 8 - 24 bear leg would strengthen the current bull cycle. Bear target ¥129.64 low from Mar 24 and bear trigger.
  • On the wires today we have Weekly International Security Flow data for April and March Money Stock, neither print is expected to impact the Yen.

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