We report the experimental observation of all-optical modulation of light in a graphene film. The graphene film is scanned across a standing wave formed by two counter-propagating laser beams in a Sagnac interferometer. Through a coherent absorption process the on-axis transmission is modulated with close to 80% efficiency. Furthermore we observe modulation of the scattered energy by mapping the off-axis scattered optical signal: scattering is minimized at a node of the standing wave pattern and maximized at an antinode. The results highlight the possibility to switch and modulate any given optical interaction with deeply sub-wavelength films.