USD/JPY eyes on 110.35 ahed of major risk events

Currently, USD/JPY is trading at 109.86, up 0.04% on the day, having posted a daily high at 109.99 and low at 109.72.

Forex today: US turns risk-on ahead of Super Thursday trio risk events 

USD/JPY has found fresh highs just shy of the 110 handle of which the pair has since dropped back from and found a low of 109.82 so far. The pair is bound to attract plenty of attention over the next 24hrs with a handful of a significant risk event. First up, from the European session, the ECB will be grabbing the headlines. The market was upset today on a source's story that said Draghi will cut inflation forecasts for 3 years while another headline said growth would be boosted. 

The Election night timeline - Nomura 

Comey will be the next catalyst scheduled for the US session where he will testify. However, overnight, the markets received the opening statement from the former FBI director and it didn't contain anything we hadn't already heard. That sent USD/JPY higher by 50 pips. The UK elections will be the final event that could bring volatility to the yen as a safe haven with the cross GBP/JPY generating flow. 

USD/JPY levels 

USD/JPY: could see a test of 110.00/35  

Meanwhile, Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart, the price remains well below its 100 and 200 SMAs. "The shortest accelerating below the larger one, and technical indicators recovering further from oversold readings, but still well below their mid-lines, maintaining the risk towards the downside."