Intra-day market moving news and views

Update Time: 05 May 2021 05:30GMT

USD/JPY - 109.23. Dlr is in holding pattern after y'day's sideways swings following early retreat fm Mon's near 3-week peak of 109.69 to 108.90 n intra-day narrow move is expected to continue as markets in Japan n China are still closed (both will re-open Thur).

Although intra-day broad-based usd's retreat in Asia may weigh on the pair, as long as Mon's reaction low at 108.90 holds, price is en route to daily chart obj. at 109.95 once present consolidation is over. Order board is pretty ligh with bids touted at 109.05/108.95 with stops below 108.90 while offers are tipped at 109.45/55 with stops abv 109.70.

US will release a slew of eco. data in NY morning session, pay attention to ADP private payrolls, then Markit services PMI n later ISM non-mfg PMI. We also have a number of Fed officials schedued to speak in NY session (pls refer to our EI page for details).

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