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Yne Modestly Firmer Ahead Of Ueda Confirmation

JPY

USD/JPY sits slightly below NY closing levels currently, last just above 134.50. We had an earlier dip to 134.25/30 but this was short lived. National CPI data for Jan was slightly weaker than expected, but is still trending higher (underlying core at 3.2% y/y). Coming up shortly is new BoJ Governor Ueda's confirmation.

  • In terms of USD/JPY levels, dips sub 134.00 were supported earlier this week, while yesterday's high came close to 135.40.
  • More broadly, vol band resistance is layered between 136.14 and 136.48 ahead of Fib retracements at 136.67. Firm support to watch is at 128.09, the Feb 2 low. The bear trigger is at 127.23, the Jan 16 low - a break would resume the downtrend.
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