|02:45 EDT||FX Action: USD-JPY has been steady around 102.50|
FX Action: USD-JPY has been steady around 102.50, unmoved by either Japan's Corporate Service Price Index for January coming in at +0.8% y/y, below expectations for +1.2%, nor a 1.4% closing gain in the Nikkei stock index. There is little overall directional impetus in USD-JPY. BoJ policy would favour continued weakness, but the threat of China slowdown and its negative consequences on global stock markets is an offsetting yen-supportive force. Resistance is marked at last Friday's three-week peak at 102.83, ahead of 103.00-103.10, which encompasses the 50-day moving average. Support is at 102.00 and 101.66, ahead of major support at 100.00-100.71, the latter of which is the 200-day moving average.