According to the research team at UOB Group, the pair’s neutral stance remains unchanged for the time being.
Key Quotes
“USD/JPY spent much of Wednesday trying to claw back the losses seen in the wake of Yellen’s speech. However, the pair extended losses, falling towards the 112-mark at one point”.
“According to Bloomberg reports, Japanese PM Abe will prepare stimulus measures before elections in the upper house this summer. Thursday features Tankan data for 1Q, as well as manufacturing PMI for March, but before that BoJ governor Kuroda is set to appear before parliament”.
“There is no change to the neutral view and we continue to expect USD to trade in a broad 111.50/113.50 range for now”.
(Market News Provided by FXstreet)