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US 10YR FUTURE TECHS

(H2)‌‌ Watching Resistance

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Expiries for Dec02 NY cut 1000ET (Source DTCC)

US TSYS

Flattening Continues

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USD/JPY trades flat at Y113.82 ahead of the BoJ's policy announcement, accompanied by the Bank's Outlook Report (see our preview for more colour). The release of Japan's monthly retail sales data will also provide interest today.

  • All this comes ahead of Friday's data dump, which includes Japan's unemployment, Tokyo CPI and flash industrial output.
  • The rate is stabilising after yesterday's sell-off, driven by demand for the yen owing to its safe haven status.
  • Bears would like to see USD/JPY cross below yesterday's trough at Y113.39, which would turn focus to Sep 30 high at Y112.08, a recent breakout level. Conversely, a jump above Oct 20, 2021/Nov 6, 2017 highs of Y114.70/73 would bring Mar 10, 2017 high of Y115.51 into play.
  • Sources told Kyodo that the gov't are planning to relax restrictions on large-scale events from Monday. The decision may be finalised as soon as today, following discussions of Japan's Covid-19 panel of experts.