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Despite an initial uptick, USD/JPY lost steam at Y109.50 in Asia-Pac hours and ground lower through the rest of the day, extending its current losing streak to three days in a row. The 50-DMA at Y109.10 limited losses.
- NHK reported that Japan is planning to approve Moderna's Covid-19 vaccine on May 21. Elsewhere, Yomiuri said that the JOC will start inoculating Japanese athletes on Jun 1.
- Preliminary Q1 GDP data headline the local docket today. Looking further afield, final industrial output hits Wednesday, trade balance & core machine orders come out Thursday, while CPI & flash Jibun Bank PMIs are due Friday.
- The rate last trades flat at Y109.20. A move through May 13 high of Y109.79 would bring Apr 9 high of Y109.96 into play. On the flip side, a fall through the aforementioned 50-DMA at Y109.10 & trendline support at Y108.91 would open up May 7 low of Y108.24.