USD/JPY largely rangebound on the day (day's range 109.32-108.88), slips below 109 handle. Sentiment on the Asian markets remain mixed this Wednesday, with the Chinese stocks extending losses, while rest of Asia gains fu…
USD/JPY largely rangebound on the day (day's range 109.32-108.88), slips below 109 handle.
Sentiment on the Asian markets remain mixed this Wednesday, with the Chinese stocks extending losses, while rest of Asia gains further.
USD weak across the board after poor housing data overnight. US housing starts fell 8.8% in March following an upwardly revised 6.9% gain in February.
Renewed weakness in the oil prices keeps the yen supported, while poor Japanese trade data weighs on the sentiment.
The BOJ is very likely to downgrade its inflation forecast next week and the likelihood of a BOJ easing remains high. Expectations of a BOJ easing will support USD/JPY.
Technicals on intraday charts point further downside. Momentum studies are bearish.
