- USD/JPY holds steady in Tokyo as markets consolidate the downside in the US dollar.
- USD/JPY bears are lining up as price tests 109 level.
USD/JPY is trading at 108.88 at the time of writing, flat on the day having travelled between a low of 108.86 and 108.96 in a quiet Asian session.
Overnight, the US dollar fell further as the Federal Reserve's Chair Powell reiterated the positive growth outlook but patience on inflation.
Powell’s comments on the Fed’s commitment to aggressive monetary policy measures set off weakness in US treasuries, yet weighing further on the greenback due to a rising yield curve.
''Fed Chair Powell stressed the importance of fiscal policy with respect to the pandemic as well as stating that current debt levels are serviceable and sustainable even though a long-run deficit path is unsustainable,'' analysts at Westpac explained.
10-year US government bond yields ended somewhat higher to 1.637% and the 30-year yield gained 1.7bps to finish at 2.325%.
Meanwhile, as for data, the Fed's Beige Book was under the spotlight and regional economic conditions are said to have accelerated to a "moderate pace" between late February and early April.
For the day ahead, US Initial Jobless Claims and Retail Sales will be in focus.
Analysts at Westpac explained that the data have been choppy of late, in reference to Jobless Claims, but the downtrend remains in place.
|Today last price||108.84|
|Today Daily Change||-0.09|
|Today Daily Change %||-0.08|
|Today daily open||108.93|
|Previous Daily High||109.1|
|Previous Daily Low||108.75|
|Previous Weekly High||110.75|
|Previous Weekly Low||109|
|Previous Monthly High||110.97|
|Previous Monthly Low||106.37|
|Daily Fibonacci 38.2%||108.88|
|Daily Fibonacci 61.8%||108.96|
|Daily Pivot Point S1||108.76|
|Daily Pivot Point S2||108.58|
|Daily Pivot Point S3||108.42|
|Daily Pivot Point R1||109.1|
|Daily Pivot Point R2||109.27|
|Daily Pivot Point R3||109.44|
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