USD/JPY pares intraday losses amid positive risk tone, keeps the red around 131.15-20 area – by hareshmenghani USDJPY Fed Bonds RiskAppetite Currencies
The risk-on mood undermines the safe-haven JPY and helps limit the downside.comes under some renewed selling pressure on Tuesday and reverses a major part of the previous day's goodish recovery gains. Spot prices, however, manage to recover a few pips from the daily low and climb back to the 131.00 mark during the early European session.
The prevalent risk-on environment - as depicted by a generally positive tone around the equity markets - undermines the safe-haven Japanese Yen and turns out to be a key factor lending some support to the USD/JPY pair. The takeover of Silicon Valley Bank by First Citizens Bank & Trust Company from the Federal Deposit Insurance Corporation helps calm market nerves about the contagion risk.
Expectations that the Bank of Japan will tweak its bond yield control policy and whittle down its massive stimulus under new Governor Kazuo Ueda could limit losses for the JPY. Apart from this, a modest US Dollar weakness might further contribute to keeping a lid on any meaningful upside for the USD/JPY pair.
Hence, it will be prudent to wait for strong follow-through buying before positioning for an extension of the USD/JPY pair's recent bounce from the 129.65 region, or the lowest level since February 03 touched last week. Market participants now look to the US economic docket, featuring the release of the Conference Board's Consumer Confidence Index and the Richmond Manufacturing Index.
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