Any retracements for USD/JPY will find support towards 117.00/30 - OCBC Bank

FXStreet (Barcelona) - Emmanuel Ng, FX Strategist at OCBC Bank notes that a dimmer prognosis for the labor market and any retracement in USD/JPY pair is expected to find support towards 117.00/30.

Key Quotes

"This morning, the BOJ MPC minutes (minor concerns about potential negative effects of additional stimulus) and comments from the BOJ’s Kuroda (sufficiently dovish) did not yield any watershed revelations. Note however a dimmer prognosis for the labor market by the Cabinet and any initial retracements in the USD-JPY is expected to find support towards 117.00/30. Look to the US GDP numbers for immediate cues instead."