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Buoyant Risk Sentiment Takes Its Toll On Yen

JPY

USD/JPY was well bid Wednesday as strengthening risk appetite exerted pummelled the yen, pushing it to the bottom of the G10 scoreboard. The rate wiped out this week's decline and started chewing into last week's losses, having a brief look above the Y106.00 mark.

  • Press reports suggesting that PM Suga could make a decision re: lifting Covid-19 state of emergency as soon as Friday continue to do the rounds.
  • The rate has resumed gains this morning and last trades at Y105.94, 7 pips better off on the day. The high print of Feb 17 at Y106.22 provides the initial layer of resistance and a break here would expose the 1.50 projection of Jan 6/11/21 price swing, located just a handful of pips higher. Bears look for a dip through Feb 23 low of Y104.92.
  • There is little of note on the Japanese docket today, with focus turning to Friday's Tokyo CPI, retail sales, housing starts and flash industrial output.
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