Daily recommendations on major – USD/JPY

AceTrader Team AceTrader

Intra-day market moving news and views

Update Time: 14 Apr 2021 05:30GMT

USD/JPY - 108.81.. The pair remains on the back foot in hectic Tokyo trading, the intra-day decline accelerated when price early penetrated last week's 109.01 low ahead of Tokyo open due to continued usd's weakness on falling US yields (benchmark 10-year hit 2-week low of 1.611%).

Despite intra-day resumption of recent decline from March's 1-year peak at 110.96, as this move is viewed as a correction of Medium Term rise from 2021 bottom at 102.60, reckon daily sup area at 108.35/41 would contain weakness n yield rebound later today or tom, a daily close above 109.01 would bode well for price to head back to 109.75/77.
Offers are tipped at 109.00/05 with stops tourted above 109.25 while bids are noted at 108.75/65 with stops below 108.35.

BOJ Gov. Kuroda will speak at a financial forum at 06:15GMT. After yesterday's much-anticipated release of US CPI, we have a slew of eco. data later today, please refer to our EI page for details. The market may pay attention to Fed's beige book due out at 18:00GMT.

We also have a no. of Fed officials scheduled to speak in New York session n traders will pay attention to comments from Fed's J. Powell when he speaks at 16:00GMT at an economic forum at 16:00GMT and market is interested to hear his comments on the recent surge in US inflation readings.

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AceTrader Team

AceTrader

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

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