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Benefits From Souring Risk Appetite

JPY

USD/JPY faltered Tuesday, as the continued spread of new Covid-19 infections & resultant lockdown measures tempered earlier optimism about a coronavirus jab. The rate extended its losing streak to four consecutive sessions.

  • Japan's trade surplus unexpectedly widened in October, owing to a smaller than expected decline in exports & above-forecast fall in imports.
  • The Nikkei reported that the Tokyo metropolitan gov't is preparing to lift the capital's Covid-19 alert to the highest level, with final decision to be made at a meeting with experts on Thursday.
  • The pair sits -6 pips at Y104.13, with bears looking for a dip through yesterday's low of Y104.07, towards the 76.4% retracement of the Nov 6 - 11 rally at Y103.77. Bulls need a rebound above Nov 11 high of Y105.68 to regain poise.
  • Looking ahead, Japanese CPI & flash Jibun Bank PMIs are due Friday.
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