BOJ Ueda:Impact of past rises in import costs on Japanese inflation likely to dissipate

• Impact of past rises in import costs on Japanese inflation likely to dissipate
• Scheduled end to government energy subsidies likely to also likely to affect inflation ahead
• Given annual wage talks outcome so far, trend inflation likely to gradually accelerate

The USDJPY after falling to support target between 150.718 and 150.888, has not seen a rebound back toward swing lows from March 28 and March 29 at 151.14.

On the topside, it would still take a move above the 200 hour moving average at 151.428 and the 100 hour moving average at 151.57 to give buyers more confidence. However, holding against the old ceiling, is a more bullish development.