Reminder: It is a holiday-shortened week for a number of markets

Given the holiday, we should see market conditions take on a quieter look and feel to end the week tomorrow. US markets will be open though, so it isn’t a complete shutdown. During which, we will get the PCE price index and also an appearance by Fed chair Powell here. But more importantly, Japanese markets will also be open and that might be the big one to watch.

After several warnings already yesterday, could Japanese officials deliver an Easter surprise before the weekend? Times of lesser liquidity are always most preferred, so just be mindful of that.

USD/JPY has backed off after attempting to contest the 2022 and 2023 highs near 151.90-94 yesterday. The pair is now trading little changed today at 151.35. However, if Tokyo decides to sit on their hands when most markets return to action on Tuesday next week, I reckon the bulls might find some courage to work towards the above highs again.

This article was written by Justin Low at www.forexlive.com.