NZD/JPY losing grip, falling away from 77.00

• Kiwi unable to maintain a bullish bias, sinking again against the Yen.
• GDT figures later today to get overshadowed by UK CPI.

The Kiwi is walking back against the Yen, testing into 76.70 territory ahead of the European market session.

GDT to get pushed out of the way by bigger risk events

The Kiwi will be seeing the results of the Global Dairy Trade auction during the London session, but the GDT's effect on the NZD has been muted recently, a.nd the market is likely to be overshadowed by today's major risk event with the Consumer Price Index figures for the UK. The Yen is likely to act as the major counterparty for major currency bidding or selling that follows the CPI numbers as traders decide their level of risk appetite for the rest of the week.

Asia session risk levels are remaining subdued as the Japanese government continues to be embroiled in a government land scandal that sees Japanese Prime Minister Shinzo Abe and his Finance Minister, Taro Aso, being held responsible for a document forging scandal that saw the Japanese finance ministry alter over twenty documents relating to the sale of government land to a school operator with personal ties to the Prime Minister and his wife, Akie Abe.

NZD/JPY Levels to watch

A break lower to Monday's swing low of 76.45 could see a further test of support from Monday's low of 76.07, while a reversal of current price action will run into support quickly from the 77.00 major level and last Friday's swing low of 77.55.