USD/JPY steadies above 136.00 as yields pause previous retreat, BoJ dovish stance appears safe – by anilpanchal7 USDJPY BOJ YieldCurve RiskAppetite CentralBanks
of major data/events. Even so, dovish comments from the incoming Bank of Japan officials join cautious optimism to put a floor under the Yen price after it reversed from the two-month high on Monday.testified before the Japanese parliament’s Upper House while defending the central bank’s easy money policy. In doing so, Uchida rules out hopes of altering the 2.0% inflation target, as well as hopes of bolstering on the Yield Curve Control policy.
It should be noted that the downbeat prints of Japan Industrial Production for January contrasted with a welcome growth in the nation’s Retail Trade numbers but failed to provide any clear directions to the USD/JPY. That said, Japan’s IP shrunk 4.6% in January versus -2.6% expected and 0.3% prior growth. However, the Retail Trade grew 1.9% MoM on a seasonally adjusted basis from 1.1% prior and -0.2% market forecasts.
Further, Federal Reserve Governor Philip Jefferson said on Monday that it is important to get back to 2% inflation to allow those sorts of sustained economic gains. Reuters also portrayed hawkish Fed concerns while saying, “Economic data this month reflected still tight jobs markets and inflation remaining sticky, leading Fed funds futures traders to bet on higher, which in the US are now seen peaking in September at 5.4%, up from 4.58% now.
Moving on, USD/JPY traders should pay attention to the risk catalysts ahead of the second-tier US data for clear directions.Despite reversing from a three-week-old ascending resistance line, around 136.90 by the press time, USD/JPY remains bullish unless breaking the 200-day Exponential Moving Average support of 133.90.
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