“¢ Continues to show some resilience below 111.00 mark amid a modest USD rebound.
“¢ Improving risk-sentiment weighs on JPY’s safe-haven status and remains supportive.
“¢ Market participants now eye US economic docket for some fresh trading impetus.
The USD/JPY pair built on its steady intraday uptick and is currently placed near the top end of its daily trading range, around the 111.10-15 region.
The pair once again showed some resilience and staged a goodish bounce form sub-111.00 level, snapping three consecutive days of losing streak and recovering the previous session’s modest downtick.
The US Dollar managed to rebound from near two-week lows, touched after the Fed reinforced its dovish policy tilt, and was seen as one of the key factors behind the pair’s goodish intraday bounce of over 25-pips.
Minutes of March 19-20 FOMC meeting indicated that a majority of policymakers saw interest rate unchanged for the rest of this year while some members were also open to a rate cut if incoming data warrant so.
Apart from a modest USD bounce, improving risk-sentiment, as depicted by a mildly positive mood around equity markets, further weighed on the Japanese Yen’s relative safe-haven status and remained supportive.
It, however, remains to be seen if the pair is able to capitalize on the recovery move or meets with some fresh supply at higher levels as market participants now look forward to the US economic releases for some impetus.
Today’s US economic docket features the release of March PPI figures and initial weekly jobless claims, which coupled with scheduled speeches by influential Fed officials might produce some meaningful trading opportunities.
Technical levels to watch
Share
