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Both sides of the pair are on the........>

DOLLAR-YEN
DOLLAR-YEN: Both sides of the pair are on the defensive vs. their G10 peers in
early Asia-Pac trade, which leaves USD/JPY trading marginally higher at Y107.97,
off an earlier (and Thursday's) high of Y108.08. Broader risk dynamics are in
focus, with sentiment improving on the back of a STAT article, citing promising
anecdotal data about an experimental drug for Covid-19 administrated to a group
of patients in Chicago.
- This comes after the rate swung both ways Thursday. Demand observed through
the Asia hours, as participants looked to a declaration of a nationwide lockdown
in Japan (which came into fruition), waned into Europe. However, a round of
buying into the WMR fix, followed by the late doors risk rally allowed the rate
to finish in the green.
- Bulls need a break above Apr 10 of Y108.59 to bring the key Apr 6 high of
Y109.38 into play. Bears look for a drop below Apr 15/1 lows of Y106.93/92.
- Final industrial output headlines the local docket today. Next week, the focus
turns to trade balance (Monday), final machine tool orders (Tuesday), flash
Jibun Banks PMIs (Thursday) and national CPI (Friday).

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