Intra-day news and views and data to be released today – USD/JPY
|Intra-day market moving news and views
Update Time: 13 Apr 2021 05:30GMT
USD/JPY - 109.58.. Despite Mon's decline from 109.77 (New Zealand) to 109.25 in Europe due to a bout of yen buying on retreat in US yields, the pair recovered to 109.45 in NY afternoon n price climbed again at Tokyo open at 109.61 in tandem with a rebound in US yields.
Expect consolidation with upside bias n as long as Monday's 109.25 low holds, gain to 109.77 is likely but break of 109.95 (Friday high) needed to signal correction from March's 1-year peak at 110.96 has possibly ended n yield further headway to 110.45/55 later this week.
Bids are noted at 109.45-35 with a stop below 109.25 while offers are tipped at 109.70/75 with stop above 109.80, more stops are touted above 110.00.
BOJ Gov. is currently speaking in the parliament. Later today, the market's focus is on U.S. CPI data, especially the Mar Y/Y data, street forecast is looking for a big jump from prev. reading of 1.7% to 2.5%, if actual comes in a per estimate or slightly beats it, then usd will rally in tandem with US yields (benchmark 10-year is currently at 1.6817, just below Mar's 14-month peak of 1.776%).
We have a total number of 7 Fed officials scheduled to speak today, please refer to our EI page for details.
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