Intra-Day Market Moving News and View

Update Time: 13 Jan 2021 05:30GMT

USD/JPY - 103.56... The greenback traded sideways inside a narrow range in Asia and Europe yesterday as focus remained on other dollar majors. Price edged up to 104.33 in New York before tumbling to 103.73 near New York close on dollar's broad-based weakness. The pair then met renewed selling at 103.80 in Australia today and fell to 103.53 in Tokyo morning on continued usd weakness together with cross-buying in jpy.

Dollar's intra-day break below Tuesday's 103.73 low signals upmove from January's 9-1/2 month bottom at 102.60 has ended at 104.39 on Monday and consolidation with downside bias remains for weakness to 103.28, then 103.05/10.
Offers are now lowered to 103.70/80 and more above at 103.90/00 with stops building up above there whilst initial bids are noted at 102.90/00.

There is a slew of data to be released from U.S. today but pay particular attention to CPI mm and yy at 13:30GMT.
Street forecasts are 0.4% and 1.3% vs previous readings of 0.2% and 1.2% respectively. Elsewhere, St. Louis Fed President James Bullard will speak on the U.S. economy and monetary policy at Reuters Next Virtual Forum at 14:30GMT.

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