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Yen Pressured After Ueda Signals Policy Change Unlikely

JPY

JPY was pressured yesterday, yen was the worst performer in the g-10 space at the margins. USD/JPY rose ~1.1% and last prints at ¥133.50/60.

  • BOJ Gov Ueda noted in his inaugural speech that he'll do all he can to ensure stability in prices and in the financial system, also noting that current monetary easing is very powerful.
  • He signalled that any significant changes to its monetary policy framework are unlikely for the time being.
  • The pair broke the 20-Day EMA and now sits a touch above it. The next target for bulls is ¥134.75 61.8% retracement of Mar 8-24 bear leg. Support comes in at ¥130.64, low from Apr 5, a break through here opens ¥129.64 the bear trigger
  • The preliminary print of March Machine Tool Orders is the only domestic data due today.
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