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The USD/JPY pair is trading marginally higher, underpinned by Brexit hopes, but the risk is still skewed to the downside, Valeria Bednarik, Chief Analyst at FXStreet, reports.

Key quotes

“EU and UK representatives are said to have reached an agreement in principle on fisheries and could make an announcement in the next few hours.”

“Data wise, Japan published the November Corporate Service Price Index, which came in at -0.6% from -0.5% in the previous month. Japanese markets will be open on Friday, and the country will publish December Tokyo inflation data and Large Retailed Sales for the same month. Later in the day, the country will publish housing-related figures.”

“The USD/JPY pair needs to fall below the 103.15 support to gain bearish strength, while the upside will likely remain limited by selling interest aligned around 104.30.”