USDJPY – Down
Event to watch out for today:
15:30 EET. USD – Core PCE Price Index
18:30 EET. USD – Federal Reserve Chairman Jerome Powell Speaks
USDJPY:
The USD/JPY pair held positive momentum for the second consecutive day near 151.45 on Friday in the early hours of Asian trading. The Bank of Japan’s (BoJ) cautious approach to maintaining accommodative monetary policy conditions is weighing on the Japanese Yen (JPY). In addition, hawkish comments from Federal Reserve (Fed) officials provide some support to the US Dollar (USD) and USD/JPY.
According to data released by the Statistics Bureau of Japan, Tokyo’s core consumer price index for March rose 2.6% y-o-y after rising 2.6% in February. Meanwhile, Tokyo’s consumer price index excluding fresh food and energy rose 2.9% y/y, down from February’s 3.1% rise. Nevertheless, the yen remains on the defensive following Japan’s inflation data and comments from Japanese authorities.
On Thursday, Japanese Prime Minister Fumio Kishida said it is appropriate for the central bank to „maintain favorable monetary conditions.“ Kishida also said the government will continue to work closely with the Bank of Japan to ensure that wage growth continues and the economy moves out of deflation.
Trading recommendation: Trade in the 151.00-151.80 channel on a rebound from the levels
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