USD/JPY in a weak short-term bounce on the Daily Chart

jpy_2_newsUSD/JPY (current price: 100.46)

The pair continued its weak advance that was started by the speech of Mr. Kuroda, but the 100 support is still only 500 pips below the current rate, even after two bullish days in a row. The Japanese Services Price Index came in at a surprisingly high 0.4% this morning, but the Yen was mostly unaffected by the releases, as the pair is slightly higher today following the late-day correction on Wednesday. Tomorrow’s key U.S. GDP release, and the speech of Fed Chair Yellen might start the next significant move in the cross.

Our assessment: USD/JPY is still trading in a very narrow short-term range just above the crucial 100 level, and any meaningful correction in risk-assets might lead to a breakdown to new lows if the pair’s weakness continues.

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