Flash: USD/JPY lower yesterday on dovish BoJ rhetoric - OCBC Bank

FXstreet.com (Barcelona) - Emmanuel Ng, FX Strategist at OCBC Bank notes that despite firmer UST yields, the USD/JPY capitulated slightly lower on Wednesday with PM Abe and the BOJ’s Sato also watering down slightly the dovish rhetoric.

Key Quotes

“US-specific cues are still expected to be crucial and the labor market numbers due tomorrow may be all that’s needed to prod the pair above the 103.40 area.

“In the interim, expect further base building behavior towards the 102.00 level barring any further deterioration in global risk appetite levels.”