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USD/JPY moves with the market’s sentiment this Wednesday, trading lower in range in the 108.60 price zone as the pair continues to find intraday buyers around the 108.40 support level, Valeria Bednarik, Chief Analyst at FXStreet, reports.

See:  USD/JPY  to correct lower in the second half of 2021 – HSBC

Key quotes

“Japanese data was mostly encouraging, as the country published the February Corporate Service Price Index, which improved in February to -0.1% from -0.4% and against the -0.8% expected. The preliminary estimate of the March Jibun Bank Manufacturing PMI printed at 52 as expected, better than the previous 51.4.”

“The US session will bring February Durable Goods Orders, foreseen up by a modest 0.8%, and the preliminary estimates of March Markit PMIs, expected to remain well into expansion territory. US Federal Reserve Chair Powell will testify again on the CARES Act.”

“A break below 108.40, the weekly low, should favor a bearish continuation towards the 107.70 price zone.”