Intra-Day News and Views (USD/JPY) & data to be released today: Feb 25, 2015

Intra-Day Market Moving News and Views
25 Feb 2015 02:28GMT

USD/JPY - ...... The greenback is nursing loss in Asian trading after tanking from Tuesday's near 2-week high of 119.84 to 118.76 in NY, then to 118.63 in Tokyo morning after tripping light stops below 118.70.
Although traders sold yen broadly ahead of Fed chief Janet Yellen's testimony before the Congress and the approval of Greek debt extension boosted risk sentiment, broad-based selling in dlr quickly occurred when Yellen's released testimony gave no clear indication of when the much-awaited rate increase would take place, subsequent release of downbeat U.S. consumer confidence further added pressure to the pair.

Looks like consolidation with downside bias would be seen today, however, intra-day gain in the Nikkei to a fresh 15-year peak should keep price above last week's low at 118.20. Offers are tipped at 118.90/00 and more above with some stops reported above 119.40 whilst some bids are noted at 118.60-40 and more below with fairly large stops touted below 118.20.

Yesterday despite rising through Asian and European sessions to an intra-day high at 119.84 in NY morning, the greenback met heavy selling interest after comments from Fed's Yellen hinted that there would be no rate hike sometime soon and tumbled to as low as 119.03 at NY midday and continues to remain under pressure.
Offers was now seen at 119.30/40 and more above at 119.50/60 with stops building up above there whilst initial bids was noted at 118.60/70, suggesting selling on recovery was still favored.

Data to be released on Wednesday:

Australia Wage price, China manufacturing PMI, Italy trade balance and U.S. new home sales and second of the 2-day Fed Chair Yellen's testimony before the Congress.