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The USD/JPY range overnight was 158.02-159.65, Asia is currently trading around 158.40. The pair again looked destined to have a look above the 160 area but the huge reversal in the USD thanks to Trump has seen it fail once more up there. The market will now be looking for details on this potential end to hostilities and until we get a clear off-ramp I suspect the market will be cautious. On the day, the first support is back toward 157.50 and then the more important 156.50 area. Yen Bears will be disappointed with the price action but still hoping for a test of the 160-162 area at some point.
Fig 1 : USD/JPY Spot Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P
Earlier this morning RBNZ Governor Breman gave a speech: "Global shockwaves to Kiwi shores: The impact of the Iran conflict on New Zealand" Some key snippets were: "“We are likely to see higher headline inflation over the near term, and somewhat weaker growth momentum,” Governor Breman says, along with (in terms of the policy outlook/balance): “Getting this judgement right is key to avoiding reacting too early to near-term inflation pressures that monetary policy can do little about – or reacting too late if above-target inflation becomes embedded in the economy,” Governor Breman says.
| 0230BST | 1030HKT | 1330AEDT | Thailand Feb Customs Trade Data |
| 0230BST | 1030HKT | 1330AEDT | Thailand Feb Car Sales |
| 0500BST | 1300HKT | 1600AEDT | India HSBC Preliminary Mar PMIs |
| 0800BST | 1600HKT | 1900AEDT | Taiwan Feb Industrial Production |
Source: Bloomberg Finance L.P./MNI