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Awaiting Local Data Signals

JPY

USD/JPY has fluctuated around neutral levels and last sits +2 pips at Y104.11, with both sides of the pair struggling vs. their other G10 peers as all three major e-mini contracts have edged higher. Bullish focus falls on Nov 24 high of Y104.76, followed by the 50-EMA at Y104.83. On the flip side, a retreat past Nov 18 low of Y103.65 would expose Nov 6/Mar 12 lows of Y103.18/09.

  • Over the weekend, the Nikkei reported that "Japan looks to begin distribution of COVID-19 vaccines by the March end of the fiscal year as clinical trials on a number of candidates move forward."
  • Meanwhile, Kyodo and Yomiuri both reported that the cost of delaying the Tokyo Olympics is estimated at around Y200bn, in line with earlier estimates. The Tokyo metropolitan gov't & the national gov't are expected to announce their decision on sharing the cost next month.
  • Local data highlights today include flash industrial output, retail sales & housing starts. Later in the week, focus turns to unemployment, capex & final Jibun Bank M'fing PMI (Tuesday) and consumer confidence (Wednesday).
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