JPY: USD/JPY - Consolidates Around 156.00
The USD/JPY range overnight was 155.83-156.43, Asia is currently trading around 156.10. USD/JPY looks to be consolidating around 156.00 as a wary market ponders its next move. The pair looks to potentially have put a base in toward 152.00 and is looking to re-challenge the 157.50 area. On the day, I think buyers could continue to support dips back towards 155.50 and we could potentially chop some wood in the 155-157 area in the short term as the bulls try to regain the upward momentum. The first target looks to be 157.50-158.00 and then the 160 area.
- MNI POLICY: BOJ Rate Hike Mode Intact Despite Reflationists. The government’s nomination of two dovish academics to its policy board is unlikely to impede the Bank of Japan’s gradual tightening stance, MNI understands, with the timing of further increases dependent on evolving economic and price developments.
- Options : Close significant option expiries for NY cut, based on DTCC data: 155.00($1.92b), 157.00($831m). Upcoming Close Strikes : 155.00($1.74b March 3), 155.00($1.12b March 4), 157.00($1.04b March 3) - BBG.
- The USD/JPY Average True Range(ATR) for the last 10 Trading days: 124 Points
- Data/Event : Tokyo CPI, Retail Sales, Industrial Production, Weekly investment Flows, Housing Starts
Fig 1 : USD/JPY Spot Daily Chart
Source: MNI - Market News/Bloomberg Finance L.P
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ASIA: Government Bond Issuance Today
- Vietnam to Sell VND1 Trillion 4.1% 2041 Bonds .
- Vietnam to Sell VND1 Trillion 3.3% 2031 Bonds .
- Vietnam to Sell VND500 Billion 3.2% 2055 Bonds .
- Thailand to Sell THB15 bn of 2040 Bonds
- Thailand to Sell THB30 bn of 2029 Bonds
- Singapore to Sell 2.5% 2030 Bonds .
- Singapore to Sell S$2.8 Billion 2.5% 2030 Bonds .
- India to Sell INR80 bn 364-Day Bills .
- India to Sell INR120 bn 182-Day Bills .
- India to Sell INR90 bn 91-Day Bills .
- Bank Indonesia to Sell 28-Day Dollar Sukuk Bills .
- Bank Indonesia to Sell 273-Day Dollar Sukuk Bills .
- Bank Indonesia to Sell 90-Day Dollar Sukuk Bills .
- Bank Indonesia to Sell 182-Day Dollar Sukuk Bills .
- Bank Indonesia to Sell 364-Day Dollar Sukuk Bills .
ASIA: Coming Up in Asia Today
| 2345GMT | 1000HKT | 1200AEDT | Philippines Agriculture Output YoY 4Q |
| 2345GMT | 1100HKT | 1300AEDT | South Korea Retail Sales YoY DECEMBER |
| 2345GMT | 1100HKT | 1300AEDT | South Korea Department Store Sales YoY DECEMBER |
| 2345GMT | 1100HKT | 1300AEDT | South Korea Discount Store Sales YoY DECEMBER |
| 0530GMT | 1230HKT | 1430AEDT | Thailand Car Sales DECEMBER |
| 1230GMT | 1930HKT | 2130AEDT | India Industrial Production YoY DECEMBER |
source: Bloomberg Finance LP / MNI
ASIA: Coming Up In Asia Pac Markets On Wednesday
| 2145BST | 0545HKT | 0845AEDT | New Zealand Dec Filled Jobs |
| 0030BST | 0830HKT | 1130AEDT | Australia Dec CPI |
| 0030BST | 0830HKT | 1130AEDT | Australia Q4 CPI |
| 0200BST | 1000HKT | 1300AEDT | South Korea Retail Sales |
| 0335BST | 1135HKT | 1435AEDT | Japan 40yr Debt Sale |
Source: Bloomberg Finance L.P./MNI
