[Jason_Lim]

USD-JPY broke below 100.00 on lower equities and narrower US-Japan yield differentials due to JGB selloff, with the support at the 200-day moving average of 98.96. Any JPY appreciation is not likely to be sustained, however. In his Parliamentary testimony, BOJ Governor Shirakawa said that the Bank expects weaker private domestic final sales such as capital spending and consumption ahead despite stabilizing exports and production. In Australia, the NAB's business conditions index improved to -13 in March from -22 in February. However, AUD-USD so far has held the 200-day moving average resistance (currently 0.7351), after rising on expectations of China's additional economic support measures. AUD-JPY has failed to maintain the break above the 200-day moving average (currently 73.32). New Zealand's February retial sales unexpectedly gained by 0.2% mom (down 1.2% mom in January), but ex-auto sales dripped by 0.1% mom as expected (+0.2% mom in January). NZD-USD so far has held the triangle trend resistance (currenlty 0.5929).

[Jason_Lim]

USDJPY: Closed back below the 200 dma for the first time since it was breached on April 2nd. It is at 98.77 today and further ST losses down to the 55 dma at 96.77 would not be surprising